US markets closed lower on fear of tax cuts delay

22 Mar 2017 Evaluate

The US markets closed lower on Tuesday, as the Dow and the Nasdaq logged their worst daily drops since September, while the S&P 500 also tumbled the most in a single session in five months. Investors were worried that President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote. Despite the recent move lower, equities have been in a pronounced uptrend for months, up more than 10% since the US election. Investors are betting that the policies Trump is expected to pursue, including on taxes and regulation, will accelerate economic growth and boost corporate profits. On the economy front, the US current-account deficit, a measure of the nation’s debt to other countries, fell 3.1% to $112.4 billion in the final quarter of 2016. The drop in the current-account deficit in the fourth quarter was tied to a surprisingly large increase in primary income - returns on American-owned assets held abroad. That offset a larger trade deficit in goods. The current account reveals if a country is a net lender or debtor. The current account deficit was 2.4% of GDP in the third quarter. That’s down from 2.5% in the third quarter and well below a peak of 6.3% in 2005.

Meanwhile, Federal Reserve Bank of Cleveland President Loretta Mester said that if the economic data holds up she supports the US central bank taking steps that would begin to reduce its $4.5 trillion balance sheet. The Fed built its portfolio over years of bond-buying in an effort to stimulate hiring and investment when interest rates were already at rock-bottom in the wake of the financial crisis. Mester, who last year twice dissented against decisions to hold rates steady in favor of hikes, added that such a move would be consistent with the Fed’s oft-repeated phrase that it would look at reducing the size of its balance sheet when normalization of interest rates was well under way. Mester added that she currently envisages more than three rate hikes, higher than the Fed’s overall median forecast.

The Dow Jones Industrial Average lost 237.85 points or 1.14 percent to 20,668.01, the Nasdaq was down 107.7 points or 1.82 percent to 5,793.83, while S&P 500 dropped 29.45 points or 1.24 percent to 2,344.02.

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