Tuesday, 31 January 2017
Wall Street Falls The Most This Year As Trump Honeymoon Sours
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Major US stock indexes posted their largest drop so far in 2017 on Monday as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the US president's policies are not market-friendly.
An executive order issued by Trump on Friday banned immigration from seven Muslim-majority countries, including legal residents and visa holders, and temporarily halted the entry of refugees. Over the weekend, thousands of people rallied in major US cities and at airports in protest.
US equities had hit a series of record highs following Trump's election in November, encouraged by his promise of tax cuts and simpler regulations. "Investors focused on the pro-growth of (Trump's) proposals and not those detrimental to economic activity, like protectionism," said Peter Cardillo, chief market economist at First Standard Financial in New York.