Gary Cohn faces worst career investment dilemma

Adjust Comment Print

While President Donald Trump offered three vastly different public statements over four days on the violence triggered by a white supremacist rally in Charlottesville, Virginia, his four predecessors were far more succinct.

US Treasury yields fell as investors, unnerved by the deadly attack in Barcelona and Washington turmoil, favored safe, low-yielding bonds over stocks and other risky assets.

Japan's Topix index fell 1.1 per cent as of 10.44am in Tokyo, Australia's S&P/500 Index was down 0.8 per cent and the Kospi index declined 0.3 per cent. Hong Kong's Hang Seng Index fell 1.3 per cent. 3M shares sunk 1.24 percent.

After Trump blamed counter-protesters as much as the white nationalists for clashes that left one woman dead, an exodus of business executives from his advisory councils on Wednesday fueled speculation other officials, such as Cohn, would leave.

It dropped 1.5 per cent and the Nasdaq lost 2 per cent.

U.S. crude fell 0.15% to $47.02 on Friday, surrendering some of Thursday's 0.7% gain, heading for a 3.7% weekly loss.

The White House also denied speculation that Gary Cohn, the director of the National Economic Council, will resign.

Should Statues Of Slave Owner George Washington Be Torn Down, Too?
President Donald Trump has the nerve to lump George Washington and Thomas Jefferson in the same category with Robert E. Trump's critics pounced, accusing him of comparing neo-Nazi and white supremacists to anti-fascist counter-protesters.

At the close trading in NY, the Dow Jones Industrial Average dropped 274.14, or 1.2%, to 21,750.73.

Industrial and materials stocks lifted China stocks, which some analysts said was aided by hopes there will be significant changes to open up the economy more widely to foreign investors.

The S&P 500 was on pace for its worst back-to-back weeks since the election. Cisco Systems was the biggest decliner on the Dow despite the company posting quarterly results that were largely in-line with expectations.

Even some of Trump's Republican opponents from the 2016 presidential primaries jumped on Twitter to try to point to difference conclusions. The index is trading at 17.8 times forward earnings, well above its long-term average of 15, Thomson Reuters data shows.

Declining issues outnumbered advancers on the NYSE by 1,646 to 1,060.

It was also the seventh straight day in which the NYSE and Nasdaq had more stocks making new 52-week lows than highs, the longest stretch since Trump's election.

About 6.7 billion shares changed hands on USA exchanges.

Comments