'Sell America' Trade Takes Hold

Benzinga

Markets turned volatile after Jerome Powell disclosed a criminal investigation, sparking a brief “Sell America” trade that hit stocks and the dollar while pushing gold to record highs.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Markets turned volatile on Monday after Federal Reserve Chair Jerome Powell said

00:06he is under criminal investigation, triggering a renewed Sell America trade, according to CNBC.

00:13The Dow Jones Industrial Average fell nearly 500 points intraday before pairing losses,

00:18while the U.S. dollar index dropped 0.2%.

00:21Gold and silver surged to all-time highs.

00:24J.P. Morgan said additional pressure came from upcoming Supreme Court arguments on whether Trump

00:28can fire Fed Governor Lisa Cook and from bank stock declines after Trump called for a one-year

00:3310% cap on credit card interest rates.

00:36Stocks later rebounded, while the S&P 500 reached a new high and international markets outperformed

00:43U.S. equities.

00:44For all things money, visit Benzinga.com.

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