US stocks dip ahead of French election

Posted on: April 21st, 2017 by ABC News No Comments

iStock/Thinkstock(NEW YORK) — Wall Street closed lower Friday as investors awaited this weekend’s French presidential election and President Trump’s “big announcement” on tax reform planned for Wednesday.

The Dow Jones fell 30.95 (-0.15 percent) to finish at 20,547.76.

The Nasdaq slid 6.26 (-0.11 percent) to close at 5,910.52, while the S&P 500 finished at 2,348.69, down 7.15 (-0.30 percent) from its open.

Crude oil prices sunk over 2 percent; under $50 a barrel.

Uncertainty surrounds France’s presidential election set for Sunday as there are several front-runners, including Marine Le Pen of the far-right National Front and Centrist Emmanuel Macron. If no candidate wins a majority, there will be a run-off on May 7.

President Trump: While signing three presidential directives at the U.S. Treasury Department on financial regulation and taxes, President Trump promoted a “big announcement” on tax reform.

“And we’ll be having a big announcement on Wednesday having to do with tax reform,” the president said Friday. “The process has begun long ago but it formally begins on Wednesday.”

Winners and Losers:  Shares of toy manufacturer Mattel, Inc. tumbled about 14 percent after reporting weaker-than-expected earnings in the first-quarter.

Honeywell International Inc. boasted quarterly profit that exceeded analysts’ estimates and boosted its full-year guidance. The manufacturer’s stock closed nearly 3 percent higher.

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