Wall Street’s rebound continued Friday, as major equity indexes’ prices rose but closed below their session highs on renewed concerns about Donald Trump’s presidency. The concerns came after two new reports related to a federal investigation into possible coordination between Russia and Trump’s election campaign.
A senior White House adviser is a significant person of interest in the law enforcement investigation of possible Russian ties, the Washington Post reported on Friday, citing people familiar with the matter.
Separately the New York Times reported that Trump told Russian officials at the White House that firing FBI Director James Comey relieved “great pressure” from the ongoing probe. The Times report cited a document summarizing the meeting.
While Wall Street ended higher it failed to fully regain all the ground lost in Wednesday’s big selloff after reports earlier this week that Trump tried to interfere in the federal investigation.
Wall Street has been closely following events in Washington as it worries whether Trump will be able to fulfill campaign promises for fiscal stimulus and tax reform. Many investors saw the policy promises as a key reason for the post-election rally.
All three indexes clocked losses for the week with the Dow and S&P falling 0.4 percent and Nasdaq off 0.6 percent
Of the 11 major S&P industry sectors all ended the day higher. Industrials showed the largest percentage gain with a 1.36 percent jump while Energy rose 1.24 percent. Oil company shares were gained as a result of a 2 percent increase in oil futures related to growing expectations that OPEC and other producing countries will agree at a meeting next week to extend crude output cuts.
Some market participants said that for much of the session, they turned their focus to strong quarterly earnings from companies such as Autodesk and Deere. Software developer Autodesk jrose 14.7 percent and was the largest percentage gainer on the S&P after reporting better-than-expected quarterly revenue.
Deere hit an all-time high of $122.24 and ended the day with a gain of 7.3 percent, or $120.90, after posting a better-than-expected quarterly earnings number.
Deere helped lift Caterpillar 2.2 percent. General Electric was the S&P’s top driver with a 2.4 percent rise.
Approximately 7.03 billion shares changed hands on the major domestic equity exchanges, a number that was in line with the average volume for the last 20 sessions.