11/12/2024

The Stock Market Today

Wall Street drifts lower as the Trump trade cools

U.S. stocks drifted lower Tuesday as momentum cooled for the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential victory.

The S&P 500 slipped 0.3 percent a day after setting its latest all-time high under President Joe Biden. The Dow Jones Industrial Average dropped 382 points, or 0.9 percent, and the Nasdaq composite fell 0.1 percent.

Stocks had been broadly rising since last week on expectations that Trump’s preference for lower tax rates and weakened regulatory policies may mean faster economic growth, as well as bigger U.S. government debt and higher inflation. Some areas of the market rocketed on particularly high-grade fuel, such as smaller U.S. stocks seen as benefiting the most from Trump’s "America First" ideas.

Please select this link to read the complete article from The Associated Press.