BUSINESS US stocks fall on growth worries

BUSINESS

US stocks fall on growth worries

AFP

23:47, March 25, 2019

Wall Street stocks declined early Monday as worries about slowing growth offset the results of an investigation apparently clearing President Trump of colluding with Russia in the 2016 US election.

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In this March 18, 2019, file photo trader John Santiago works on the floor of the New York Stock Exchange. US stocks edged lower in early trading Monday, March 25, extending losses from a broad sell-off last week, as new economic data stoked investors' worries over slowing global growth. (Photo: AP)

About 20 minutes into trading, the Dow Jones Industrial Average stood at 25,427.59, down 0.3 percent.

The broad-based S&P 500 also shed 0.3 percent to 2,791.91, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 7,604.67.

Investor sentiment remained cautious after a series of weak economic reports led to a global rout on Friday, with major US indices losing more than one percent.

Asian markets also fell sharply on Monday, while European bourses were little changed in afternoon trading.

Trump hailed the long-awaited finding by Special Counsel Robert Mueller that no member or associate of the campaign conspired or coordinated with Russia in its plot to boost Trump in the vote more than two years ago.

The report seems to remove a cloud hanging over Trump's presidency and is expected to largely silence talk of impeachment in the near-term, although other investigations are ongoing. 

The markets have largely shrugged off the Trump Russia probe for most of his presidency, suggesting that Mueller's findings would have had to have been devastating to move stocks.

"We have rarely if ever commented on the investigation as it has never been seen as a market moving event," said Art Hogan, chief market strategist at National. 

"We do not see that changing with the release of the findings."

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