TELETRADER News
7/19/2018, 10:01 PM (Source: TeleTrader)
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Wall Street ends with losses after Trump slaps Fed

Major markets on Wall Street ended the trading session firmly in the red on Thursday, following critical remarks by United States President Donald Trump in regards to the monetary policy of the Federal Reserve. In an interview earlier in the day, Trump said that he is "not thrilled" with domestic interest rates being raised, claiming that it puts the country in a "disadvantage" compared to the European Union and China, whose currencies are losing value compared to the US dollar. Trump himself and the White House have, however, underlined that the independence of the Fed is being respected and that Federal Reserve Board Chair Jerome Powell a "very good man."

The Dow Jones Industrial Index finished 0.53% lower. Insurer the Travelers Companies fell 3.71%. The S&P 500 dipped 0.39% at the closing bell.

The Nasdaq 100 lost 0.51%, with eBay the worst performer by far, diving 10.12%.

The euro was virtually unchanged against the dollar, selling for $1.1634 at 10:00 pm CET. During today's session, the greenback reached a one-year high against the Chinese yuan. However, following Trump's remarks on the Fed, the dollar pared or reversed gains against other major currencies.

Breaking the News / NI