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|By Xinhua Writers Wang Wen Jese Saint-Germain Jersey , Sun Oumeng
NEW YORK, May 17 (Xinhua) -- U.S. stocks closed sharply lowerWednesday with all three major indices recording their worst day sofar this year due to the latest turmoil in Washington thattriggered market concerns on whether the Trump administration couldcontinue to push its economic reform agenda.
"The market is responding to the probability that tax reform,infrastructure spending, healthcare reform and trade deals mightnot occur Timothy Weah Saint-Germain Jersey ," Brendan Ahern, chief investment officer of Krane FundsAdvisors, told Xinhua.
The Dow Jones industrial average ended 372.82 points lowerWednesday, a steep fall driven mainly by share declines in Dowcomponents Goldman Sachs and J.P. Morgan Chase.
Shares of Goldman Sachs dropped 5.27 percent to 213.72 U.S.dollars while J.P. Morgan Chase closed down 3.81 percent to 84.27dollars.
The broader S&P 500 dropped 43.64 points Layvin Kurzawa Saint-Germain Jersey , or 1.82 percent,with financials tumbling more than three percent.
The financial sector had been the best performer in what WallStreet called "Trump Rally," since President Donald Trump assumedoffice and promised large-scale deregulation and tax reform.
The tech heavy Nasdaq declined 2.57 percent, or 158.63 points to6 Lassana Diarra Saint-Germain Jersey ,011.24. The index notched record close in two consecutivesessions on Monday and Tuesday.
"The U.S. equity market rally has been driven by the pro-growthagenda proposed by the president and supported by the Republicanmajority in Congress," said Ahern, adding that the situation haschanged.
Analysts said the latest White House controversies have weighedon market sentiment and the market performance on Wednesday was atypical flight to safety as political turmoil triggered investorconcerns.
"Recent political distractions have the potential to derail theimplementation of such policies that have helped support the risingU.S. stock market," Ahern said.
The White House on Tuesday pushed back against a new wave ofmedia allegations that Trump might have tried to obstruct justiceby asking ex-FBI Director James Comey to end a probe into formernational security adviser Michael Flynn.
"I hope you can let this go Giovani Lo Celso Saint-Germain Jersey ," Trump told Comey at the time,according to a New York Times report, quoting two people who readthe memo Comey wrote shortly after meeting with Trump in the OvalOffice one day after Flynn resigned over a Russia-related scandalin February.
Investors have been shocked by the news and worried Trump'sability to deliver on business-friendly policies.
The CBOE Volatility Index, widely considered the best gauge offear in the market Alphonse Areola Saint-Germain Jersey , jumped 46.38 percent to 15.59. Just a weekearlier, the index hit 9.77, lowest in more than two decades.
Analysts noted that it was the first time that markets havehinted at risk-off behavior in response to increased political riskin Washington. Talking about market outlook, some warned investorsof possible downward trend.
"Some of the technicals have turned negative Goncalo Guedes Saint-Germain Jersey , such as anapparently imminent bearish crossover on a six-month snapshot ofthe Moving Average Convergence Divergence. Relative strength alsoindicates a market closer to an 'overbought' condition than it isto neutral," Stephen Guilfoyle, president of Sarge986 LLC, wrote ina note.
"Despite strong corporate earnings Thomas Meunier Saint-Germain Jersey , U.S. equity marketvaluations are high compared to emerging market and Europeanequities. Investors are apt to use U.S. weakness as opportunity torebalance to less expensive markets," said Ahern.
Market demand for safe-haven currencies soared on Wednesday,with Japanese yen rising over 1.8 percent against the dollar duringthe session.
The U.S dollar decreased against most major currencies. Thedollar index, which measures the greenback against six major peers Angel Di Maria Saint-Germain Jersey ,was down 0.61 percent at 97.506 in late trading.
Gold futures on the COMEX division of the New York MercantileExchange rose sharply on Wednesday. The most active gold contractfor June delivery jumped 22.3 dollars, or 1.80 percent, to settleat 1,258.7 dollars per ounce. Enditem
BRUSSELS， April 7 (Xinhua) -- Europe is expected to benefit from the implementation of China's new five-year development plan， said Head of Chinese Mission to the European Union (EU) Yang Yanyi on Thursday.
Successfully implemented， the 13th Five-Year Plan， the country's economic and social development blueprint for the 2016-2020 period， will facilitate the EU's effort to set its recovery on a sustainable path， Yang said at the European Parliament.
The 13th Five-Year Plan， to put China on a qualitative and more sustainable growth trajectory and further galvanize global growth， will be favorable for the 28-country bloc to unlock investment， foster productivity and accelerate the process of convergence， Yang said.
China set its gross domestic product (GDP) growth target in a range of 6.5 percent to 7 percent this year in the plan， trying to restructure its economy into a more sustainable one driven by domestic consumption and service sectors.
The shift will lead to rising demand by China， which is a huge market with the population of over 1.3 billion people， for imports of consumer goods and services， and help boost the EU's exports to China， the ambassador said.
The world's second largest economy， according to the Plan， will speed up the implementation of its free trade strategy， which is supposed to boost negotiations on investment agreement between China and the EU as well as moving towards broader ambitions including China-EU free trade agreement.
Meanwhile， European companies will enjoy more opportunities to use their technological forte to gain foothold in the Chinese market including in such areas as innovation， connectivity， information technologies， urbanization， finance， clean energy， services and circular economy， the ambassador said.
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