Tuesday, 4 April 2017

Wall Street down on weak auto sales, doubts about Trump agenda

Wall Street closed slightly lower on Monday as March auto sales disappointed and investors questioned whether the Trump administration would deliver on its pro-business economic stimulus

Stocks had risen to record highs on Trump's promises to cut taxes, ease regulations and spend heavily on infrastructure, and investors hoped that his policies would boost the economy.

General Motors was one of the biggest drags on the S&P 500 after automakers' sales figures for March came in below market expectations, an early signal America's long car sales boom may finally be losing steam.

"The disappointing auto sales are something people are keeping an eye on and that's meaningful news," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

The major indexes pared losses. They had fallen sharply in morning trade after some US states accused President Donald Trump's administration of illegally suspending energy efficiency standards.

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