Markets

Wall Street ends down after more White House turmoil

Wall Street ends down after more White House turmoil

But the market reaction reveals investors concern: Mr. Trump's economic agenda - a tall order even before the events at Charlottesville - are now hanging by a thread, heightening Cohn's importance to the administration.

According to the NY Times, Cohn was described by several people close to him as "disgusted" and "deeply upset" by the president's remarks.

"Cohn is a key member of the administration who is determined to press forward with tax reform".

Bannon has been also seen by some market participants as an opposing force to Trump's chief economic adviser, Gary Cohn, and Treasury Secretary Steve Mnuchin.

Bannon had advocated for imposing additional tariffs on China and other trade partners to reduce deficits with those countries.

Javers said the White House had explained the distinction between "intends to stay" and "100% committed" as strengthening the statement. Two of the three measures of core inflation that the Bank of Canada introduced previous year saw gains, Statistics Canada said. Trump has relied on him for advice during meetings with chief executives, and he is often by Trump's side during global summits.

Wall Street was lower for the second straight day on Friday on mounting worries about President Donald Trump's ability to legislate his pro-growth agenda, after his comments on the recent violence in Virginia drew widespread criticism.

Floods, landslides kill dozens across Nepal and India
Electricity supply has been hit in most parts of eastern Nepal and telecom services are down in numerous affected districts. A Kathmandu Post report said that public health experts have warned of water-borne epidemic in the flood-hit areas.


The market had also been spooked by reports on Thursday that Gary Cohn was planning to resign as an economic adviser to the president.

It's Cohn who meets with numerous chief executives hoping to offer an idea, or plead a cause, with the White House.

"Between the early rumors that [Gary] Cohn might resign, the drop in domestic equities and the Barcelona terror attacks that refocused investors on the geopolitical tensions there was ample fight-to-quality motivation", write BMO Capital Group's Ian Lyngen and Aaron Kohli, in their afternoon note.

Apple fell 1.9 per cent, dragging down the S&P and the Nasdaq, while Wal-Mart Stores lost 1.6 per cent after reporting a steep decline in profits despite posting a 60 per cent gain in internet sales and beating expectations on earnings per share. "Our sense from client conversations is that his departure would surely dampen Wall Street's already dwindling confidence in Washington's capacity to govern".

The news followed a week heavy with speculation and focus on the White House.

"Nothing has changed", a White House official said of Cohn's status in the West Wing.