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US indices trade lower as Trump ponts finger at Fed

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  • US Market
  • 2 weeks ago
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U.S. indices fell during trading as the country’s economy delivered weak manufacturing data.

The DJIA shed 1.3% closing at 26,573.04 points following a rally of 100 points in the prevous session a day earlier.

The S&P 500 gave up 1.2% while the Nasdaq closed lower by 1.1%, marking the worst performance by the S&P and the Dow since August 23.

The Institute for Supply Management said U.S. manufacturing activity contracted to its worst level since June 2009, and president Trump took to social media to vent his anger at the Fed.

“As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to all other currencies, that our manufacturers are being negatively affected. Fed Rate too high. They are their own worst enemies, they don’t have a clue. Pathetic!”

 

 

Source: Smart Trend Team