The blue chip index Dow Jones industrial average ended in the bearish territory on Friday to stretch its losing streak to three as more political uncertainties arise after US President Donald Trump fired former director of Bureau of Investigation James Comey.
The benchmark cling to another loss, its third in five days, after declining 22.81 points, or 0.1%, to close at 20 896.61. On Thursday, Dow dropped a whopping 125 points as disappointing retail sales weighed in on Wall Street, with Macy’s and Kohl’s shares falling 17% and 6.1% respectively in the equity markets.
The index furthered its drawback up to Friday to cap the week with a 0.5% loss.
It was a struggling week for Dow Jones industrial average as the firing of Comey has been a dominant story throughout the week, which sent major concerns to investors over the policies of the billionaire tycoon and now-president Trump.
The dismissal of Comey’s post in the Bureau of Investigation was still a mystery for the market and investors were still looking for meaning on how it can affect the corporate profits and stock prices.
However, according to Bob Pavlik, an expert from the Boston Private Wealth, the concerns of investors were not central to the firing of Comey but on the prolonged and building uncertainties surrounding the current administration, which could possibly bring greater market anxiety leading to major declines.
Meanwhile, some investors feared that Trump’s plan to cut corporate taxes may be in jeopardy because of unprecedented events like Comey’s removal.