Industrials Down Amid Fears About Trump Economic Agenda - Industrials Roundup

Features Dow Jones Newswires

Shares of mining companies and other commodities producers slid as traders bet the steady stream of controversy from the White House would hobble the Trump administration's legislative agenda.

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Steel makers and coal miners had surged in the immediate wake of the Trump election, based on pledges the president had made to back heavy industry and sponsor infrastructure-spending bills. As legislators continue to grapple with other Trump priorities, such as health care and immigration, the administration itself appears consumed with fallout from the firing of Federal Bureau of Investigation Director James Comey.

Investors paid little attention to the political controversies as long as they were not seen as jeopardizing economic plans, said Quincy Krosby, market strategist at Prudential Financial.

The dollar slid against major rivals amid worries about the political stability. That drove gold prices, which are particularly sensitive to moves in the dollar, to a two-week high.

(-By Rob Curran, rob.curran@dowjones.com)

Shares of manufacturing and transportation companies fell as traders backed off bets that the Trump administration would push through its economic agenda.

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An investment group wants to shake up Caterpillar's audit committee amid mounting scrutiny of the machinery giant's offshore tax strategy.

CtW Investment Group, an arm of union coalition Change to Win, issued a public letter Wednesday asking shareholders to vote against three Caterpillar board members

(-By Rob Curran, rob.curran@dowjones.com)

(END) Dow Jones Newswires

May 17, 2017 16:24 ET (20:24 GMT)