Dubai:US stocks continued to slide on Monday, as so-called Trump trades fizzled out. Following last week’s failure by US President Donald Trump to push a major health care form bill through Congress, traders are becoming concerned that pro-growth policies on tax reform and infrastructure spending may get delayed
The Dow Jones Industrial Average was down 0.67 per cent lower at 20,458.08. The S&P 500 index was also down 0.55 per cent at 2,331.09.
“Given that investors have been pricing in the expected changes in fiscal policies for almost five months, I find it somehow difficult to keep buying into this market based only on promises,” said Hussain Sayed, FXTM Chief Market Strategist.
The US stocks especially financial stocks, which was considered as the one of the beneficiary of Trump policies, gained more than 50 per cent since the US election in November.
Earlier in the session, the STOXX 600 index was down 0.92 per cent at 11,952.99. The German DAX was also down 0.98 per cent at 11,947.50.
Oil prices fell after traders doubted the ability of the Opec to extend the output cut beyond June.
Brent crude was down 1.26 per cent at $50.16 per barrel. Dollar tumbled, helping gold prices. Gold was up more than 1 per cent at $1,256.47 per ounce.
