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Afternoon Note

Roller Coaster

By Charles Payne, CEO & Principal Analyst
4/6/2018 1:43 PM
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The up and down gyrations in the equity markets continued.  Markets opened weak on overnight news that President Trump was considering increasing the amount of tariffs to be placed on imports from China.  Loses accelerated this morning after President Trump tweeted “China, which is a great economic power, is considered a Developing Nation within the World Trade Organization. They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair? We were badly represented. The WTO is unfair to U.S.”  The Dow Jones Industrial Average was trading at 24,317 before the tweet.  An hour later the Dow had traded down an additional 235 points (0.97%) to 24,082.

March Nonfarm Payrolls increased by 103,000 versus consensus estimates of 175,000.  February nonfarm payrolls was revised upward to 326,000 from 313,000. 

While I do think the U.S. should press trading partners for fair trade deals, Iím weary of President Trumpís bully tweets. Negotiate diplomatically and report the progress or lack thereof. Watching these gyrations in the markets stimulated partly by tweets makes me wonder if our economy and financial markets are really on sound footing.

John Sherwood on 4/6/2018 2:08:14 PM

ERNEST REMUS on 4/6/2018 4:09:35 PM

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