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Stocks Bruised on "Trump Trauma"

May 17, 2017 (Baystreet.ca via COMTEX) --

Stocks in Canada's biggest market fell on Wednesday, tracking global market concerns that U.S. President Donald Trump's pro-business economic agenda could be slowed by political scandals, with financial stocks leading declines.

The S&P/TSX Composite Index slouched 176.24 points, or 1.1%, to greet noon at 15,367.09

The Canadian dollar restored 0.08 cents to 73.55 cents U.S.

Financials took the brunt of much of this uncertainty. Royal Bank of Canada shed 1.4% to $91.75, while Toronto Dominion lost 1.1% to $62.41. Manulife Financial dropped 3% to $23.01.

Home Capital Group, which reported a further decline in its deposit balances, saw shares stumble 7% to $8.35.

The bulk of the top 30 stocks that advanced were gold mining companies, with Barrick Gold leading the charge. Barrick rose 2.2% to $23.53, while Agnico Eagle Mines Ltd was up 2.1% at $68.17.

Oil and gas stocks retreated, despite higher crude oil prices. Enbridge fell 2.2% to $52.68.

Economically speaking, manufacturing sales increased 1.0% to a record $53.9 billion in March, reflecting higher sales in the transportation equipment and food industries, according to Statistics Canada.

ON BAYSTREET

The TSX Venture Exchange gained 2.59 points to 810.86

All but two of the 12 TSX subgroups were lower, weighed by consumer staples and industrials, down 1.7% each, while financials balked 1.6%.

The two gainers were gold, shining 1.9% brighter, while materials grew but 0.1%.

ON WALLSTREET

U.S. equities fell sharply on Wednesday as investors fretted over the latest news coming out of Washington.

The Dow Jones Industrials Average tumbled 233.76 points, or 1.1%, to 20,745.99, with Goldman Sachs contributing the most losses.

The S&P 500 retreated 25.5 points, or 1.1%, to 2,375.17, with financials tumbling 1.7% to lead decliners.

The NASDAQ fell back 79.46 points, or 1.3%, to 6,090.41.

Earnings reports are due from American Eagle Outfitters, L Brands, and Target

U.S. media confirmed Tuesday a report from The New York Times that former FBI Director James Comey put together a memo outlining a conversation in which President Donald Trump allegedly asked him to halt an investigation into Michael Flynn, the former national security adviser.

Later on Tuesday, House Oversight Committee Chairman Jason Chaffetz asked the FBI for any records it has on communications between Trump and Comey.

Stocks have rallied all year in part because of the hope for lower corporate taxes. Lately, the major indexes have pushed towards record levels, with the S&P and Nasdaq notching all-time highs earlier this week.

But equities would take a big hit if Trump were impeached, experts agree.

Prices for the benchmark 10-year Treasury note darted sharply higher, dropping yields to 2.24% from Tuesday's 2.33%. Treasury prices and yields move in opposite directions.

Oil prices gained 15 cents at $48.81 U.S. a barrel

Gold prices climbed $20.40 at $1,256.80 U.S. an ounce.

********************************************************************** As of Saturday, 05-13-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated an UPTREND on 03-07-2012 for AEO @ $15.50. As of Saturd

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