The Trump Rally Extends to Record Highs on Tax Talk
$DIA, $SPY, $QQQ, $VXX
DJIA +118.06 at 20172.40, NAS Comp +32.73 at 5715.19, S&P 500 +13.20 at 2307.87
Volume:Trade on the NYSE tallied at 995-M/shares exchanged
- NAS Comp +6.2% YTD
- S&P 500 +3.1% YTD
- DJIA +2.1% YTD
- Russell 2000 +1.6% YTD
“Lowering the overall tax burden on American business is big league,” US President Trump said during a White House meeting with airline industry executives Thursday.
The benchmark S&P 500 has rallied 7.9% since Donald Trump’s November 8th election on expectations he will usher in lower corporate taxes, but also reduce regulations and increase infrastructure spending. The Trump Rally been in consolidation mode in recent days.
The Financials have soared since the election, were the best-performing group, up 1.4% after 3 straight sessions of decliners, while energy shares gained 0.9% The Financials lead Bull markets.
Those sectors stand to benefit should lower taxes spur economic activity as interest rates and the demand for energy rises.
The Utilities sector considered a defensive play, fell 0.8%, the worst-performing group on the day.
The focus on Washington, DC comes with US companies in the midst of corporate reporting season.
With about 70% of the S&P 500 having reported results, Q-4 earnings are on track to have climbed 8.5%, which would be the best performance since Q-3 of Y 2014, according to Thomson Reuters I/B/E/S.
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