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Moody's Sends Out a Warning

Daily Recap

US stocks, as measured by the Dow Industrials, failed to extend their winning streak today as President Trump added the Federal Reserve to the list of his own governmental agencies to criticize. In lamenting how interest rate hikes are undoing the positive benefits of his fiscal policy, Trump's comments kept US stocks on the ropes all day long. Foreign markets had already cast a negative tone on the day, with the Asia Dow falling 0.17% and the STOXX 600 losing 0.23%.

Trump's comments also weighed on the US dollar. It had been quite strong before he spoke, but gave up a good portion of the earlier gains to close up just 0.15%. Bonds rallied on the prospect of a chastened Fed possibly slowing future rate increases, sending rates lower. The 10-year note's yield fell to 2.841%.

Commodities were mixed. Crude oil benefited from Saudi Arabia's willingness to reduce oil exports in order ... Log in or subscribe to continue reading.


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