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Wall Street dips on Trump plan jitters

Monday, March 20, 2017 - 01:22

The S&P 500 falls for the third straight session. Weighing on that index: concerns Trump's plan to cut taxes and grow the economy will take longer than expected. Fred Katayama reports.

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The S&P 500 fell for a third straight session Monday. Weighing down that broader index: concerns that President Donald Trump's plan to cut taxes and grow the economy could take longer than expected. But the Nasdaq rose for the fourth straight day, helped by a rally in Apple shares. Wells Fargo Asset Management's senior portfolio manager Margie Patel SOUNDBITE: MARGARET PATEL, SENIOR PORTFOLIO MANAGER, WELLS FARGO ASSET MANAGEMENT, (ENGLISH) SAYING: "I think the market's tired. We had all the good news: fourth quarter earnings. We had the good news or good hopes after the election that we'd have lower taxes. We'd have changes in imports and so forth, and I think the markets are a little disappointed because none of those are coming to pass very quickly. And also I think that the pace of economic growth is much slower than these prices can support." Propelling Apple higher: Barron's reported that the stock could rise another ten percent in six months, partly because of the buzz surrounding a new iPhone model. Disney shares rose, helping boost the Dow. Its latest movie, "Beauty and the Beast," set a record for a March opening, raking in $170 million domestically. As Brazil's president dined on beef in a show of support for domestic meat, shares of Brazil's largest poultry producer, BRF, dropped amid the corruption scandal tarnishing the country's meat industry. China and South Korea suspended some imports and the EU said it'll block access to any companies involved in the meat scandal. In Europe, telecom and energy stocks led shares lower, but the FTSE 100 eked out a gain.

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Wall Street dips on Trump plan jitters

Monday, March 20, 2017 - 01:22