US stocks closed up somewhat Friday, ending a four day losing streak. The Dow Jones finished the week down by 1.54%, while the S&P 500 finished down 1.24%. The US dollar also finished the week stronger than expected, despite a recent nine-day low.
We are anticipating further volatility this week due to domestic political and economic conditions in the United States. There is still concern over instability and global trade tensions being caused by the President's newly announced steel and aluminum tariffs. Adding to more uncertainty is the departure of Gary Cohen, to be replaced by Lawrence Kudlow as the new director of the National Economic Council, and the removal of Secretary of State Rex Tillerson. The firing of deputy FBI director Andrew McCabe Friday evening and rumours that special counsel Robert Mueller is about to be fired will undoubtedly contribute to further uncertainty this week.