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S&P 500, Dow suffer biggest drop of 2017

Monday, January 30, 2017 - 01:29

The S&P 500 and the Dow posted their largest drop so far in 2017 as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the U.S. president's policies are not market-friendly. Bobbi Rebell reports.

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The Dow suffering it's biggest loss of 2017, and, in fact, all the major U.S. indexes all posting losses. President Donald Trump's orders to curb travel and immigration from some countries sparked uncertainty. Max Wolff of 55 Capital: SOUNDBITE: MAX WOLFF, MARKET STRATEGIST, 55 CAPITAL (ENGLISH) SAYING: "When you get confirmation that some of the things that we had feared are true, let alone confirmation that some of the things we had hoped for may not come true, it is a double whammy. So, we got a little bit of a notion that some of that infrastructure spending may not be materializing, and this notion that alienating the rest of the world is materializing, and that is a one two- that looks a little bit less than graceful when you get it out on the trading floor. " Among the sectors in the red: Airline stocks, including American Airlines, United Continental, and JetBlue . A number of companies criticizing President Trumps order to halt arrivals from Muslim-majority countries. Goldman Sachs chief executive Lloyd Blankfein was the first major Wall Street CEO to weigh in against the administration's travel ban. Ford executive chairman Bill Ford Jr. and chief executive Mark Fields said in a statement to employees that the company does not support what it called a new U.S. travel ban. The parent of Snapchat, SNAP Inc, has chosen to list on the New York Stock Exchange for its initial public offering, according to people familiar with the matter. The IPO, which sources tell Reuters could be valued at at much as $25 billion, is expected in March. In Europe, shares slipped on weaker commodities.

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S&P 500, Dow suffer biggest drop of 2017

Monday, January 30, 2017 - 01:29