It remains to be seen whether the market’s bullishness can continue now that Donald Trump’s conviction looks set to usher in a period of divisiveness in US politics.
Already a subscriber?Remember that mood of giddy excitement only a fortnight ago when the US Dow Jones Industrial Average surged to a record high of 40,000?
And that’s what has happened. The cloud-based software company Salesforce slumped 20 per cent this week after investors were discouraged by its latest earnings report, and its weak guidance.Other Dow stocks have also hit turbulence. UnitedHealth, which has a share price of $US481.65 giving it the biggest weighting in the Dow of just over 8 per cent of the index, has dropped 8 per cent since mid-May due to concerns about future Medicaid payments.
In the first place, there’s the possibility of market turbulence in the lead-up to the November presidential election, withTrump was convicted on all 34 felony counts of falsifying business records.
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