President Trump Cuts More Regulations, Small Businesses Benefit
$DIA, $SPY, $QQQ, $RUTX, $VXX
- US markets will be closed Monday in celebration of Labor Day.
Friday, President Donald Trump directed the Labor and Treasury departments to work to make it easier for small businesses to band together to offer retirement plans to their workers.
President Trump signed an executive order requiring that the departments issue regulations to remove regulatory hurdles that keep small businesses from coming together to form what are called association retirement plans. He said the cost of administering 401(k)s and other plans discourages small businesses from making them available.
“They’ll be banding together. They’ll have such strength,” President Trump said. “They’ll be able to negotiate incredible deals.”
Most Americans use plans offered by their employers to save for retirement. But about one-third of all private-sector workers, and just under a quarter of all full-time workers in the private sector, lack access to workplace retirement plans, James Sherk, assistant to the president for domestic policy, told reporters Thursday.
The problem is more acute among businesses that employ fewer than 500 people.
About 50% of workers at these businesses do not have access retirement plans according to surveys in which more than 33% of small- and medium-sized business that do not offer retirement plans cited high costs as the Key reason.
Before he returns to Washington Friday, President Trump planned to stop at a Charlotte country club to help raise money for GOP congressional candidates Rep. Ted Budd and Mark Harris, as well as North Carolina’s Republican Party and the National Republican Congressional Committee.
The NRCC says the event is expected to draw 300 people and raise $750,000.
Friday, the major US stock market indexes finished at: DJIA -22.10 at 25964.82, NAS Comp +21.17 at 8109.56, S&P 500 +0.39 at 2901.26
Volume: Trade on the NYSE came in at 834-M/shares exchanged
US markets will be closed Monday in celebration of Labor Day.
- NAS Comp +17.5% YTD
- Russell 2000 +13.4% YTD
- S&P 500 +8.5% YTD
- DJIA +5.0% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 31 August 2018
Have a terrific holiday weekend.