By Chibuike Oguh
NEW YORK (Reuters) – The New York Stock Exchange ended up sharply drops on Wednesday, while bond yields climbed, against an concern that the public debt of the United States will swell if the congress approves the vast tax reform plan wanted by US President Donald Trump.
The Dow Jones index sold 1.91%, or 816.80 points, to 41,860.44 points.
The wider S & P-500 lost 95.85 points, or 1.61%, at 5,844.61 points.
The Nasdaq Composite fell on its side from 270.07 points (1.41%) to 18,872.64 points.
The three main Wall Street indices have recorded unprecedented daily losses for a month.
The yield of American treasury bills over ten years has been established in a peak since mid-February before finishing at 4.589%, an increase of 10.8 base points.
In the aftermath of Donald Trump’s visit to the Capitol to urge his Republican peers to unite behind his tax reform project, a commission of the House of Representatives held an unusual meeting on the subject. Divergences concerning certain budget cuts, in particular concerning Medicaid-health insurance.
Analysts say they believe that the project could increase the American public debt from 3,000 billion to 5,000 billion dollars.
Almost all of the major sectors of the S&P-500 have finished the session in the red. Only the communication services ended up.
On the values ​​side, several technological giants fell, such as Nvidia, Apple and Tesla, with decreases between 1.9% and 2.7%. Alphabet, however, increased by 2.7%. Target declined 5.2% after having revised its annual forecasts downwards, citing a slowdown in consumer spending.
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(Written by Jean Terzian)
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