US stocks end lower, dollar sags as Trump trades ease

By REUTERS
January 12, 2017 23:48

NEW YORK, Jan 12 - Wall Street stocks fell and the US dollar dropped to a five-week low on Thursday after President-elect Donald Trump, in his eagerly-awaited news briefing the previous day, failed to provide details on fiscal policies that were expected to bolster the economy.

Investors were hoping for commentary on the new administration's plans for fiscal stimulus and tax cuts. Instead, Trump remarked on a broad range of topics such as the Mexican wall, allegations of Russian hacking and his business interests but left out what investors wanted to hear about - fiscal spending.

Still, market participants were willing to cut Trump some slack with just a week away from his inauguration and by late afternoon, stocks and the dollar trimmed their losses, while U.S. yields came off their lowest levels of the day.


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