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| Stock traders cheer on Bannon exit | |
| (35 minutes later) | |
| US stocks regained ground on Friday, after it was confirmed President Donald Trump's polarising adviser Steve Bannon would depart the White House. | US stocks regained ground on Friday, after it was confirmed President Donald Trump's polarising adviser Steve Bannon would depart the White House. |
| Three major indexes turned higher in mid-morning trading and were modestly up by early afternoon. | Three major indexes turned higher in mid-morning trading and were modestly up by early afternoon. |
| Mr Bannon, a right-wing nationalist, helped shape the "America First" message of Mr Trump's election campaign. | Mr Bannon, a right-wing nationalist, helped shape the "America First" message of Mr Trump's election campaign. |
| He also supported some of Mr Trump's more radical economic positions. | He also supported some of Mr Trump's more radical economic positions. |
| In a recent interview with the left-leaning American Prospect magazine, Mr Bannon said the US was in an "economic war" with China, and called for aggressive protectionist moves. | In a recent interview with the left-leaning American Prospect magazine, Mr Bannon said the US was in an "economic war" with China, and called for aggressive protectionist moves. |
| Cheering broke out on the floor of the New York Stock Exchange as news of Mr Bannon's exit spread. | Cheering broke out on the floor of the New York Stock Exchange as news of Mr Bannon's exit spread. |
| Stocks had been trading in record territory, leading some to forecast a correction. | Stocks had been trading in record territory, leading some to forecast a correction. |
| Some say Mr Trump's clashes with North Korea and the domestic fight stirred by his defence of a white supremacist rally in Virginia provided a trigger for the recent losses. | Some say Mr Trump's clashes with North Korea and the domestic fight stirred by his defence of a white supremacist rally in Virginia provided a trigger for the recent losses. |
| Stocks will welcome Mr Bannon's departure if it represents a victory for the more traditional economic advisers in the White House, such as Gary Cohn, a former investment banker, JP Morgan analysts wrote in a note sent to investors on Friday. | |
| But they warned the firing may not improve odds of actual legislative victories if Mr Bannon remains active politically via his right wing news outlet Breitbart. | |
| "Mr Bannon's departure ... could wind up having mixed ramifications depending on how it happens and what he winds up doing next," they wrote. |