Major US Stock Indexes Fall, Dollar down

All 3 major US stock indexes and the US dollar fell on Wednesday as investors sought out safe havens. Breaking news of fresh allegations by former FBI Director James Comey that President Trump asked him to end the investigation on former national security adviser, Michael Flynn over contacts with Russia. This and markets concerns that he is able to deliver his tax and regulatory reforms contributed to investors fleeing risky assets.

Gains Wiped Out

In the biggest daily fall in two months, the S&P 500 fell with the dollar index wiping out gains it made post-election in November last year falling 0.4 percent.

The Dow Jones Industrial Average fell 1.21 percent or 254.56 points settling at 20,725.19.

The S&P 500 lost 1.15 percent or 27.87 points to 2,372.8.

The Nasdaq Composite fell 1.75 percent or 108.10 points to 6061.77.

The CBOE Volatility index rose by 2.8 points.

The MSCI fell 0.9 percent.

European shares fell 1.4 percent.

Spot Gold gained 1.8 percent at $1,258.38 an ounce.

Brent crude gained 1.6 percent at $52.49 per barrel.

US light crude gained 1.4 percent to $49.34.

Chief equity investment officer at Eaton Vance, Edward Perkin said that they are well positioned and don’t see the likelihood of any major changes, but depending on the tax reform of President Trump administration they have to think of more negative scenarios than previously.

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