Very modest gains for US equity markets last Friday but enough to afford the bulls another victory lap ahead of the Presidents Day long weekend - Dow up +19-points or +0.08%. The broader S&P500 inched +1-point higher, paring earlier session gains after Special Counsel Robert Mueller announced the indictments of 13 Russian nationals and three Russian entities, accusing them of interfering in US elections However, Deputy Attorney General Rod Rosenstein emphasized in a press conference that these indictments had no allegations of willing support to the Russians by Americans. The technology-centric NASDAQ snapped a five-session winning streak with slip of -0.23%. Steel stocks soared (US Steel closing up +14.7%, AK Steel +13.7%, Nucor +4.5% and the broader S&P 500 steel index +5.3% higher) The US Commerce Department has recommended that President Donald Trump impose steep curbs on steel and aluminium imports from China and other countries ranging from global and country-specific tariffs to broad import quotas. The Commerce Department's "Section 232" national security reviews of the two industries contained global tariff options of at least 24% on all steel products from all countries, and at least 7.7% on all aluminium products from all countries. President Trump has until April 11 to announce his decision on steel import curbs and by April 20 to decide on aluminium restrictions. China has already responded, with an official warning that "if the final decision from the US hurts China's interest, we will certainly take necessary measures to protect our legitimate rights."
