Investing.com - The major market indexes declined today on Wall Street as investors reacted to an interview given by President-elect Donald Trump to financial journalists in which he said the dollar was "too strong" vis-a-vis the Chinese yuan.
The Dow Jones Industrial Average declined by 0.30% to 19826.77.
The NASDAQ Composite dropped to 5538.73, a dip of 0.63%.
The S&P 500 dipped to 2267.89, a decline of 0.30%.
The dollar was mixed on forex markets today. The dollar was up against the euro and the pound, but down against the yen, late this afternoon on Wall Street.
Trump told reporters at the Wall Street Journal that the dollar, which recently reached a 14-year-high, was "too strong." The president-elect also said that the yuan was "dropping like a rock."
Added Trump: “Our companies can’t compete with them now because our currency is too strong. And it’s killing us.”
The President-elect's goal is to increase U.S. exports, and a weaker dollar will make goods less expensive to buy overseas.
Financial stocks led the day's declines, down by 2%.
JP Morgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) led declining shares on Wall Street today.
Overall, the stock market has gained nearly 1,000 points since election day last fall, and in general, the market is considered to be in a "Trump rally." The rally is, however, affected by spot emotional reactions to the latest policy pronouncements from the president-elect.