Money talks

7 March 2018 By Tom Buerkle

Stocks fell after President Donald Trump’s top economic adviser resigned, but a better gauge of his performance is the dollar. It has dropped nearly 10 pct versus major currencies since he took office. This market no-confidence vote nonetheless serves Trump’s purpose on trade.

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Share prices on U.S. markets declined on March 7 after President Donald Trump’s chief economic adviser, Gary Cohn, said he would resign.

The Standard & Poor’s 500 index was down 0.8 percent at 2,707 at 1:00 p.m. EST. The dollar was virtually unchanged at about $1.24 to the euro while the yield on the U.S. Treasury’s benchmark 10-year note dipped by less than two-hundredths of a percentage point to 2.86 percent.

The Commerce Department on March 7 reported that the U.S. ran a deficit in goods and services trade of $56.6 billion in January, a figure 16.2 percent greater than the deficit in January 2017. It was the biggest monthly deficit since October 2008.

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