Fed’s Regulation “Stickler” Resigns, Bank Stocks Lead Trump Rally Extension
$DIA, $SPY, $QQQ, $VXX
Fed board member Daniel Tarullo, a Key official guiding bank regulation efforts, resigned effective in April
The Financial Select Sector SPDR ETF (exchanged-traded fund) that owns a basket of bank and insurance stocks, added to gains and was up 0.4% after the announcement.
Mr. Tarullo’s decision clear the way for US President Donald Trump to select a candidate for the bank supervision position. President Trump will choose someone aligned with his desires to roll back the regulations put in place by the Dodd-Frank Act, which overhauled bank supervision in the wake of the Y 2008 financial crisis.
Mr. Tarullo said in a short resignation letter to President Trump that he planned to step down “on or around April 5, 2017.”
Currently there are currently 2 vacancies on the Fed board because Congress refused to confirm two nominees of former President Barack Hussein-Obama.
Mr. Tarullo’s departure will mean that President Trump will fill 3 Fed vacancies in his 1st months in office.
During the Presidential campaign, Donald Trump was highly critical of the Dodd-Frank Act, pointing to it as a prime example of the problems of over-regulation that were harming economic growth.
President Trump is very critical of Fed Chairwoman Janet Yellen. He is expected to appoint someone else as Chairman when Ms. Yellen’s 4-year term ends in February 2018 or force here resignation.
Thursday, the major US stock market indexes finished at: DJIA +96.97 at 20269.37, NAS Comp +18.95 at 5734.14, S&P 500+8.23 at 2316.10
Volume: Trade on the NYSE came in below average at 927.1-M/shares exchanged.
- NAS Comp +6.5% YTD
- S&P 500 +3.5% YTD
- DJIA +2.6% YTD
- Russell 2000 +2.3% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.28)||Neutral (0.12)||Bullish (0.32)||Bullish (0.40)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.25)||Bullish (0.25)||Bullish (0.35)||Neutral (0.15)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Very Bullish (0.58)||Very Bullish (0.54)||Very Bullish (0.67)||Very Bullish (0.54)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.42)||Bearish (-0.49)||Very Bearish (-0.70)||Neutral (-0.07)|
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