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Trump Fails To Sustain Stock Rally, Dow Jones Inches Lower

Jan, 23rd 17:31
dow jones

U.S. major stock benchmarks were broadly lower on Monday amid fading optimism over the U.S. economy. Sketchy details over the new administration’s cutting tax and increasing spending plans were overshadowed by President Donald Trump’s protectionist tone over withdrawing from the TPP and renegotiating the NAFTA.

The Dow Jones Industrial Average DJIA lost 0.45% at 17,749.00 with General Electric Co. leading the losses. Shares of the General Electric Co. dropped as much as 2% after it reported quarterly revenue that fell short of expectations on Friday. GE’s fourth-quarter revenue reached $33.08 billion, missing the consensus estimate of $33.63 billion.

Another Dow component McDonald’s Corp, which even reported earnings that beat expectations, also weighed on the index. McDonald’s said that same-store sales in the U.S. fell 1.3% but global same-store sales increased 2.7%, boosting both sales and net income to surpass forecasts.

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