S'pore market takes cues from Wall St this week

THE local stock market this week took its cues from Wall Street, where the political upheaval of a fortnight ago appears to have settled down. Or has it?

On the one hand the behaviour of US stocks gives the impression that nothing will come out of a probe into Russia's interference in last year's US presidential election, the major indices having recovered their poise after a large wobble two weeks ago. On Thursday, the S&P 500 and Nasdaq Composite closed at new all-time highs, while the Dow Jones Industrial Average ended at its second highest ever.

As reports would have it, all eyes are now on the Trump administration's Budget, which includes large cuts to social spending and big increases to military spending.