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Stocks Pummeled by Trump Uncertainty

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

Stock traders dealt with a possible impeachment scandal south of the border Wednesday, resulting in almost uniformly negative readings, highlighted in Canada by losses of more than 250 points.

The S&P/TSX Composite Index was bruised 269.65 points, or 1.7%, to close a turbulent session at 15,273.68

The Canadian dollar eased backward 0.02 cents to 73.45 cents U.S.

Health-care stocks sustained the worst losses, as Canopy Growth Corporation skidded 18 cents, or 2.2%, to $8.15, while Valeant Pharmaceuticals drooped $1.09, or 5.7%, to $18.04.

Tech stocks took it on the chin as well, with BlackBerry off eight cents to $13.76, while Descartes Systems Group stumbled $1.12, or 3.4%, to $31.98.

Industrials also ended deep in the red, Bombardier shedding four cents, or 1.9%, to $2.06, while Canadian National Railways retreated $3.00, or 2.9%, to $99.22.

Gold stocks tried to lift the gloom, as IAMGOLD gained 18 cents, or 3%, to $6.16, while Barrick Gold - the world's biggest gold miner - progressed 24 cents, or 1%, to $23.26.

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 gave back 0.4 points to 807.87

All but one of the 12 TSX subgroups felt around for the bruises by closing time, with health-care down 2.5%, while information technology sliding 2.4%, and industrials off 2.1%.

Only gold managed gains, 2.1% at that.

ON WALLSTREET

U.S. equities fell sharply on Wednesday as investors fretted over the latest news coming out of Washington, thus giving equities their worst day of 2017 so far.

The Dow Jones Industrials Average tumbled 364.47 points, or 1.7%, to 20,615.28, with Goldman Sachs leading decliners and UnitedHealth the top advancer.

The S&P 500 retreated 43.64 points, or 1.8%, to 2,357.03, with financials tumbling 3.1% to lead decliners.

The NASDAQ fell back 158.63 points, or 2.6%, to 6,090.41. The major indices also gave up their gains for the month.

Earnings reports were 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.

The Trump administration has said in the past that it uses the stock market as its economic report card, but the White House said Wednesday it had no comment on the selloff.

Prices for the benchmark 10-year Treasury note darted sharply higher, dropping yields to 2.22% from Tuesday's 2.33%. Treasury prices and yields move in opposite directions.

Oil prices gained 33 cents at $48.99 U.S. a barrel

Gold prices climbed $23.30 at $1,259.70 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. For more inf

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