US Stocks Open Lower Amid Trump’s Legal Woes

By Investors Hub

The major U.S. index futures are pointing to a lower opening on Wednesday, with stocks likely to give back ground following the strength seen in the previous session.

The downward momentum on Wall Street comes amid concerns about President Donald Trump?s legal woes after his former personal lawyer Michael Cohen pleaded guilty to campaign finance violations and other charges, and Paul Manafort, Trump’s former campaign chairman, was found guilty on five counts of tax fraud.

After a positive start to the day, the major averages advanced further around midday before running out of steam. Despite the lackluster afternoon performance, markets on Wall Street ended Tuesday’s session with modest gains, adding to the gains at the start of the trading week.

The Dow closed up by 63.60 points or 0.25 percent at 25,822.29, the Nasdaq rose 38.17 points or 0.49 percent at 7,859.17 and the S&P 500 gained 5.91 points or 0.21 percent at 2,862.96.

Stocks continued to benefit from optimism about the upcoming trade talks between the U.S. and China, even though President Donald Trump said he doesn’t expect much progress from the talks.

Trading remained somewhat subdued, however, with a lack of U.S. economic data keeping some traders on the sidelines.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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