Stock market suffers sharp drop on news of Comey's Trump memo

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Stock market suffers sharp drop on news of Comey's Trump memo

Post by Ben Reilly on Wed May 17, 2017 10:01 pm

Is Wall Street finally getting ready to throw in the towel on President Trump? Perhaps.

Stocks fell sharply Wednesday following reports of a memo from former FBI Director James Comey that says Trump asked him to stop the investigation of former national security adviser Michael Flynn.

The Dow ended 373 points lower Wednesday -- about a 1.8% decline. It's the biggest drop since September.

A key measure of market volatility also spiked. The common "I word" in the market lexicon -- inflation -- is now being replaced by whispers of impeachment.

"With a growing chorus of Democrats accusing Trump of obstructing justice and even calling for his impeachment, the Trump administration could come to an early season finale," wrote Lukman Otunuga, a research analyst with currency broker FXTM.

Gold prices have popped over the past week too. The yellow metal often does well when investors are nervous. It's a classic flight to safety bet. The US dollar has also sunk recently against the euro and other currencies. And virtual currency Bitcoin has soared.

http://money.cnn.com/2017/05/17/investing/stocks-trump-comey/index.html?adkey=bn

Another pro in Trump's column is looking weak -- the idea that he's good for business. A negative jobs report could sink him and his party at this point.

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Re: Stock market suffers sharp drop on news of Comey's Trump memo

Post by Raggamuffin on Wed May 17, 2017 10:12 pm

Oh well, mine seem OK. Razz

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Re: Stock market suffers sharp drop on news of Comey's Trump memo

Post by Ben Reilly on Wed May 17, 2017 11:04 pm


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Re: Stock market suffers sharp drop on news of Comey's Trump memo

Post by Fuzzy Zack on Wed May 17, 2017 11:13 pm

Raggamuffin wrote:Oh well, mine seem OK. Razz

What do they say about catching an economic cold across the Atlantic?

The FTSE was on a high today becuase of some good results.

But tomorrow may be different if uncertainty continues.

Personally, I think Trump won't see out the summer as president.

But if you do want to bet on some US stock if Trump is in power, then invest in companies like Raytheon. Although you will have to like a bit of blood on your hands
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