Trump Lurches From Crisis To Crisis, Dollar Gains Evaporate

There are lots of ups and downs going on in the United States based on the political confusion happening due to President Donald Trump's decision of asking FBI Director James Comey to stop any kind of investigation against Michael Flynn -who was the former National Security advisor during Trump's Presidential election.

The Dow Jones fell 1.8% to 20,609, and tech-heavy Nasdaq lost 2.6% to 6,011.

"Risk aversion is rife once again with the brewing political storm surrounding President Trump in the USA largely being blamed", said Craig Erlam, a market analyst with retail broker Oanda in London. The euro broke above $1.11 to levels not seen since Trump's election win in November, while the yen is also piling pressure on the USA unit. It was on track for its biggest one-day gain since June 2016.USA gold futures settled up 1.8 percent at$1,258.70.

Reports that Trump had tried to intervene in an investigation into alleged Russian interference in last year's US election and that his aides had numerous undisclosed contacts with Russian officials kept market tensions high.

Dallas Stars sign goalie Ben Bishop to 6-year, $29.5M deal
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"The bull market is not over by any means, but between the political stuff and the fact that the next earnings season is three months away, there's going to be a lack of motivation", said Donald Selkin, chief market strategist at Newbridge Securities in NY.

USA stocks were poised for a lower opening with Dow futures and the broader S&P 500 futures down 0.4 percent.

"The (equity) bull market is not over by any means, but between the political stuff and the fact that the next earnings season is three months away, there's going to be a lack of motivation". The VIX last week closed at 9.77, its lowest close since December 1993.

Increasingly damaging revelations about the Trump administration's and election team's dealings with Russian Federation triggered the biggest fall on Wall Street on Wednesday since last September and a stock market slump around the world. The S&P 500 financial sector tumbled more than 2 percent, led by losses in Bank of America and JPMorgan.

Rust, Schultz, Hornqvist out for Penguins for Game 3 vs Sens
Schultz registered a career-high 51 points during the regular season and had been leading the team in ice time this spring. Pittsburgh will also still be without Patric Hornqvist , who was injured in the series opener against Ottawa.

At almost 18 times forward earnings, the S&P 500 trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters (Dusseldorf: TOC.DU - news) data.

The dollar, two- to 10-year Treasury yield curve and yields on 10-year Treasury Inflation-Protected Securities (TIPS) are all back where they were before Trump was elected in November. USD/JPY changed hands at 112.62, down 0.43%, while AUD/USD dipped 0.15% to 0.7415.

Strong economic indicators from the US also gave support to markets and helped lift the dollar 0.6 percent overnight, but it showed little change on Friday morning, trading around 111.42 yen JPY= and was set for a 1.7 percent slide over the week.

Elsewhere in Europe, thin trading and the murky USA political outlook dragged down stocks, with the Paris CAC shedding 0.5 percent and Frankfurt's DAX down 0.4 percent.

Olympics-IOC's 2024 evaluation commission gets full LA experience
I really do believe in this movement, and if you can create winners instead of so many losers, that's good for the movement". Paris and Los Angeles in the United States are the two remaining candidate cities for the 2024 Olympic and Paralympic Games.

Oil prices settled at a two-week high on Wednesday after U.S crude inventories declined for the sixth straight week, a positive sign for markets ahead of next week's OPEC meeting, where major oil producers are expected to extend supply cuts. Spot gold was flat at $1,259.99 per ounce by 0055 GMT, after earlier touching its strongest since May 1 at $1,263.02.

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