The S&P 500 and the Dow ended lower after FBI Director James Comey told a congressional hearing he had seen no evidence to support a claim by Trump
that former President Barack Obama had wiretapped his campaign headquarters in Trump Tower in New York.
The S&P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 103 new highs and 38 new lows.
The U. S. stock market has been on a record-setting spree since the election of Trump as president,
but the rally has faltered in recent weeks as investors fret about a lack of clarity on his proposals to reform taxes and cut regulation.
The SPDR S&P Retail ETF fell 1.5 percent, all but erasing its gains since Trump’s election as investors fretted
that a border adjustment tax being pushed by Republicans in Congress would lead to higher prices for consumer products.
(Reuters) - Wall Street drifted lower on Monday as investors worried
that President Donald Trump’s plan to cut taxes and boost the economy could take longer than previously expected.
The Fed is on track to raise interest rates twice more this year
and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, Chicago Fed President Charles Evans said on Monday.
The S&P 500 is trading at nearly 18 times expected earnings, compared with a 10-year average of 14, according to Thomson Reuters Datastream.