The market apparantly isn’t really discouraged that Gary Cohn will no longer be Donald Trump’s economic advisor.
While it is common knowledge that a trade war is bad for the economy, the stock market doesn’t think the resignation of Gary Cohn means we’re about to have one.
The fact is that the government hurts our prosperity in many ways, and even if a person disagrees with Donald Trump on trade policy that doesn’t mean that his overall economic program is bad for the county. Under Barack Obama we had “free trade” (so-called) and yet taxations and regulation strangled real growth until Donald Trump came into office.
CNBC reports, “Nasdaq turns positive as tech shares rise.”
The Nasdaq composite rose on Wednesday, erasing earlier losses, as tech stocks rose.[…]
The Dow Jones industrial average also traded off session lows, holding 120 points lower after opening more than 300 points lower. The S&P 500 declined 0.3 percent, with utilities as the worst-performing sector. The indexes fell on news that Gary Cohn was resigning as President Trump’s chief economic advisor.[…]
Cohn, the free trade advocate and former president at Goldman Sachs, chose to step down from his position after Trump announced that he would impose tariffs on steel and aluminum imports. Cohn’s departure date is expected to come in the following weeks.
Investors were on edge following the announcement as Cohn is seen as someone who supports more business-friendly policies […].
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