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A trader works on the floor of New York Stock Exchange in New York

London-listed construction stocks, which rallied strongly in the wake of the US election on Donald Trump’s trillion-dollar infrastructure plans, slumped to the bottom of the FTSE 100 amid fears political turmoil in Washington could derail his ambitious economic agenda.

Reports Trump asked now-dismissed FBI director James Comey to end a probe into his former national security adviser raised concerns that the US President could face the threat of impeachment.
Irish firm CRH, which is the biggest producer of asphalt for highway construction in the US, tumbled 100p, or 3.5pc, to £27.74, while US-focused equipment hire group Ashtead dropped 62p to £15.60.

Stocks, dollar sink as investors rethink ‘Trump trade’

Trump trade

as informed in REUTERS/Pawel Kopczynski A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 12, 2017.
Both the Dow and S&P 500 fell below their 50-day moving averages for the first time since April 21.
The S&P 500 financial sector .SPSY tumbled more than 3 percent, led by losses in Bank of America (BAC.N) and JPMorgan (JPM.N).
The S&P 500 was on track for its worst day since September.
At nearly 18 times forward earnings, the S&P 500 trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters data.
Trump trade

as informed in Both the Dow and S&P 500 fell below their 50-day moving averages for the first time since April 21.
The S&P 500 financial sector tumbled more than 3 percent, led by losses in Bank of America and JPMorgan .
The S&P 500 was on track for its worst day since September.
Optimism over pro-growth policies under Trump had driven a sharp rally in U.S. stocks after the Nov. 8 U.S. election.
At nearly 18 times forward earnings, the S&P 500 trades at a significant premium to its long-term average valuations of 15 times, according to Thomson Reuters data. The S&P 500 was on track for its worst day since September.

 

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