Business

US stocks recover after Trump panic

NYSE traders Image copyright Reuters

The US stock market closed on Tuesday about where it began, recovering after a flash of panic prompted by the release of emails from Donald Trump Jr.

The emails confirmed the Trump camp's interest in receiving help from the Russian government to discredit opponent Hillary Clinton during the presidential campaign last year.

The Dow Jones was unchanged at 21,409.07 and the S&P 500 edged down 0.08% to 2,425.53.

The Nasdaq rose 0.3% to 6,193.3.

Wall Street has generally climbed this year, in spite of some shaky moments stemming from unease over the fate of the Trump administration and prospects for its business-friendly agenda.

Markets also sank in May amid a furore over US President Donald Trump's firing of former FBI Director James Comey, who had been investigating ties between the campaign and Russia.

That investigation is ongoing.

Banks lose ground

On Tuesday, a rise in oil prices helped lift energy stocks, such as Exxon Mobil, which climbed 0.6%.

But bank stocks lost ground ahead of the release of quarterly earnings this week and a day after the US Consumer Financial Protection Bureau unveiled a rule making it easier for customers to file collective lawsuits.

introduced a The rule forbids companies from requiring that people use an individual, out-of-court process to resolve disputes as part of the contract for their credit card and bank accounts.

Bank of America and Citigroup shares fell 1.2% on Tuesday, while Wells Fargo dropped 1%.

The rule may be short-lived as it comes amid a push by the White House and Republicans in Congress to make the Consumer Financial Protection Bureau less powerful.

Senator Tom Cotton, a Republican who represents Arkansas, said on Tuesday he would file legislation to undo the rule.