The S&P 500 and the Dow ended lower after FBI Director James Comey told a congressional hearing he had seen no evidence to support a claim by Trump<br />that former President Barack Obama had wiretapped his campaign headquarters in Trump Tower in New York.<br />The S&P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 103 new highs and 38 new lows.<br />The U. S. stock market has been on a record-setting spree since the election of Trump as president,<br />but the rally has faltered in recent weeks as investors fret about a lack of clarity on his proposals to reform taxes and cut regulation.<br />The SPDR S&P Retail ETF fell 1.5 percent, all but erasing its gains since Trump’s election as investors fretted<br />that a border adjustment tax being pushed by Republicans in Congress would lead to higher prices for consumer products.<br />(Reuters) - Wall Street drifted lower on Monday as investors worried<br />that President Donald Trump’s plan to cut taxes and boost the economy could take longer than previously expected.<br />The Fed is on track to raise interest rates twice more this year<br />and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, Chicago Fed President Charles Evans said on Monday.<br />The S&P 500 is trading at nearly 18 times expected earnings, compared with a 10-year average of 14, according to Thomson Reuters Datastream.
