Stock Traders Cheers on the Exit of Steve Bannon


Stock traders from all around the world, especially from the US, are very happy now because on 18 August 2017 Friday the US stocks gained its ground again. It happened after the departure of Steve Bannon from White House who was the polarising adviser of President Donald Trump.

In the trading period of mid-morning major three indexes turned in a higher position and that afternoon they were up modestly.

Mr. Steve Bannon is a right-wing nationalist and during the election campaign, he helped Mr. Trump to shape the America First message.

He was also one of the supporters of some economic positions of Mr. Trump.

In a recent past interview, Mr. Bannon said to the American Prospect magazine that, there was an economic war between US and China, and he asked for more protectionist and aggressive moves.

Following the news of Mr. Bannon exit, there was a huge cheer on the New York Stock Exchange floor.

Earlier in this year in a record territory, the stocks had been trading and to forecast the correction this led some.

For the recent loses some blames US Presidents clashes with the North Korea and a rally in Virginia of a white supremacist arranged for his defense which stirred the domestic fight.

On Friday in a note, JP Morgan wrote that Mr. Bannon exit will welcome by the stocks if in the White House it represents the victory of traditional economic advisers like the Gary Cohn who was an investment banker.

But they also doubt about the improvement of odds real legislative victories because if politically Mr. Bannon acts as active through the Breitbart, his right-wing news outlet.

They wrote that “Mr. Bannon’s departure … could wind up having mixed ramifications depending on how it happens and what he winds up doing next”.

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