Stocks Close Mixed, Trump Comment Sends Dollar Tumbling, More
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What is the main topic discussed in this episode?
News when you want it. With Bloomberg News Now, I'm Amy Morris. And there's your closing bell for this Tuesday on Wall Street, where traders sent stocks toward all-time highs on speculation that solid corporate earnings would keep powering the market gains, and the dollar slid to an almost four-year low. President Trump said just before that closing bell that he was not concerned about the decline in the dollar. That sent the dollar tumbling. The Bloomberg Dollar Spot Index now down about 1.25%.
What were the closing stock numbers and market trends today?
We do bring you the closing numbers each day here at Bloomberg. The S&P 500 gained 28 points, NASDAQ up 216 points, and the Dow lost 409 points. The 10-year Treasury yield at 4.23 percent, the two-year yield at 3.57 percent. President Trump also saying Homeland Security Secretary Kristi Noem would remain in her post despite the president's decision to reshuffle the leadership running his deportation effort in Minnesota.
I think she's doing a very good job. The border is totally secure. You know, you forget, we had a border that I inherited where millions of people were coming through. Now we have a border where no one is coming through.
But Democrats say they'll investigate Secretary Noem and move to have her impeached if the president doesn't fire her. Minneapolis Mayor Jacob Fry posted on social media that he and Minneapolis Chief of Police met with House Border Czar Tom Holman and had what Fry described as a productive conversation. Fry says he reiterated his main ask, which is that Operation Metro surge end as quickly as possible. With the fatal shooting of two U.S. citizens by ICE agents in Minneapolis, even some of President Trump's strongest supporters are taking a step back. Texas Governor Greg Abbott says ICE does need to change its approach.
How did President Trump's comments affect the dollar's value?
Go about their job in a more structured way to make sure that they are going to be able to remove these people without causing all the kinds of problems and fighting in communities that they are experiencing right now.
Now, Abbott has also ordered state agencies and public universities in Texas to immediately freeze new H-1B visa petitions. He says that taxpayer-funded jobs should go to Texans whenever possible. Agencies also have to submit detailed reports identifying how many H-1B workers they employ and where they're from. The chief federal judge in Minnesota has ordered the head of ICE to appear in court to explain why he shouldn't be held in contempt. This case involves a man who was brought to the U.S. as a child more than 25 years ago. He was detained by ICE earlier this month. The judge ordered ICE to release him on bond, but he's still being held. So the judge says there are dozens of similar cases where federal officials have failed to comply with orders, and he wants the acting director of ICE in his courtroom this Friday to explain.
Everything that's happening in Minnesota risks drowning out President Trump's pivot to the economy. He's in Iowa today to focus on affordability. The president will make a stop at a local business and deliver a speech in a suburb of Des Moines, with the trip also highlighting energy policy. Amazon is closing its Amazon Fresh and Amazon Go stores, with some locations converted into Whole Foods market stores.
Bloomberg's Ed Ludlow. The commitment from Amazon is very much to grocery in the context of sub-same-day, right? They've been focused very much on the online offering and doing those hourly deliveries and slots, but foot traffic's been falling away on these early locations.
The company said it would work to help store employees find other jobs within Amazon. Consumer confidence declined sharply in January to its lowest level since 2014 as Americans grow increasingly concerned about their financial prospects. A measure of expectations for the next six months fell in January to the lowest since April. A gauge of present conditions dropped to the lowest in nearly five years. Dana Peterson is a chief economist with the conference board. They're saying prices are too high In terms of buying in the future, they're indicating that they're still going to shift away from things they don't need.
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