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April 21 is in the books. This is the New York Minute. US stocks finished lower on Friday as investors took a cautious stance ahead of Sunday's French presidential election.
US stocks and the benchmark treasury yield briefly cut their losses on Friday after Donald Trump said he would deliver a plan for massive tax cuts on Wednesday or shortly after.
However, the S&P 500 finished the day down 0.3%, but managed to clock a weekly gain of 0.9%, its first weekly gain in 3.
The week was dominated by geopolitical developments with UK Prime Minister Theresa May calling for a general election in June. But with the French elections taking centre stage, the latest polls conducted before Thursday's attack in Paris showed the first round due Sunday is too close to call.
Meanwhile, oil clocked its biggest weekly drop since early March with Friday's sell-off taking WTI, the US crude benchmark, below $50 a barrel, while Brent briefly slid below $52 a barrel. The decline came as confidence in OPEC's ability to overpower a resurgent US shale industry weakened.