NICOLE BULLOCK: February 7 is in the books. This is the New York Minute. The theme on Tuesday was risk-off, as the dollar rebounded, European bonds rallied, and Wall Street struggled to stay in the black. In Europe, the spread between French and German 10-year yields reached the highest level in more than four years, amid concerns of a possible victory for Marine Le Pen, the anti-euro far-right leader in France's presidential election, in spite of what the polls are showing.
After recent experience with the UK referendum and the US elections, investors are less trusting of bookmaker odds. On Wall Street, the Dow, and the NASDAQ composite hit fresh highs early in the session, but along with the S&P 500, ended off the day's highs as hopes that the Trump administration's policies will mean more economic growth are buffeted with uncertainty about his more radical plans. Energy was the laggard, with the sector down more than a percent, as oil prices drop on renewed concerns about a global supply glut and a stronger dollar. The dollar rallied almost across the board as investors priced in the political risk in Europe. And that's the New York minute.