Concerns over President Trump's ability to pass through his pro-growth agenda rattled investors Thursday. Fred Katayama reports.
A broad-based sell-off on Wall Street Thursday, closing near the session's lows. Investors concerned about the fate of President Donald's Trump's pro-growth policies amid speculation that his economic adviser, Gary Cohn, would quit. A White House official said Cohn will remain. Washington Crossing Advisors' portfolio manager Chad Morganlander: SOUNDBITE: CHAD MORGANLANDER, PORTFOLIO MANAGER, WASHINGTON CROSSING ADVISORS, (ENGLISH) SAYING: "It is uncertainty on the geopolitical front, on the domestic policy front, and as well it seems as if you have valuations that are stretched, so investors are looking for a reason to actually take risk off at this point in time." Wal-Mart shares fell. Sales at existing U.S. stores rose for the 12th straight quarter, but shrinking margins bit into profit. Cisco Systems declined. Revenue in its security business slowed in the latest quarter. Hershey shares rose. Bernstein upgraded them to "outperform" from "market perform," citing the declining price of a key expense item, cocoa. European shares broke their three-day winning streak. Banks and industrials led the way south.