U.S. equities closed mostly higher in choppy trade Monday, shaking off comments from President Donald Trump said about breaking up the big banks. The Dow Jones industrial average traded 42.12 points lower after Trump made the remarks. The 30-stock index briefly erased those losses but closed about 25 points lower.
President Donald Trump said he’s actively considering a breakup of giant Wall Street banks, giving a push to efforts to revive a Depression-era law separating consumer
and investment banking. “I’m looking at that right now,” Trump said of breaking up banks in a 30-minute Oval Office interview with Bloomberg News. “There’s some people that want to go back to the old system, right? So we’re going to look at that.”
Trump also said he’s open to increasing the U.S. gas tax to fund infrastructure development, in a further sign that policies unpopular with the Republican establishment are under consideration in the White House. He described higher gas taxes as acceptable to truckers – “I have one friend who’s a big trucker,” he said – as long as the proceeds are dedicated to improving U.S. highways.
Separately, Trump said he’d be willing to meet under certain conditions with North Korean dictator Kim Jong Un, against the recommendations of his political advisers, to avert
a military confrontation with the U.S. adversary. He also said that a Republican replacement for the Affordable Care Act would protect Americans with pre-existing conditions at least as well as Obamacare.
The Dow Jones was the only index that ended Monday session below the closing level from Friday. As we can see, 21,000 is a strong resistance.