US Pulls Out of Paris Climate Accord, Stocks Soar to Record Highs
$DIA, $SPY, $QQQ, $VXX
Our President choose to put American citizens, American energy and American industry 1st, as he promised, Yes!
Thursday, President Donald Trump said that he will withdraw the United States from the Paris climate accord, “vowing to fulfill my solemn duty to protect America and its citizens.”
“We’re getting out, but we’ll start to negotiate and we will see if we can make a deal that’s fair,” Trump said in an announcement in the White House Rose Garden. “If we can, that’s great. And if we can’t, that’s fine.
“This agreement is less about the climate and more about other countries gaining a financial advantage over the United States,” President Trump said of the accord, signed last year by President Barack Hussein Obama and 195 other nations. “The agreement is a massive redistribution of United States’ wealth to other countries.”
During the 2016 Presidential campaign, Donald Trump vowed to withdraw from the Paris accord, arguing that it would mean stricter environmental policies that would hamper economic growth and cost US jobs.
Under the Paris accord, nations agreed voluntarily cut Greenhouse gas emissions in an effort to fight climate change and curb Greenhouse gases.
These include CO2 (carbon dioxide) generated from burning of fossil fuels that some scientists blame for warming our Planet, sea level rise, droughts and more frequent violent storms. The US and China represent almost 40% of global emissions.
The accord, ratified by 175 party nations, became 1 of President Hussein Obama’s signature achievements
Thursday, President Trump shredded Mr. Hussein Obama’s “achievement” saying that the United States would stop implementing all nonbinding parts of the Paris agreement “as of today”,as well as “the draconian financial and economic burdens the agreement imposes on our country.”
In shredding the agreement, President Trump noted numerous negative financial realities for the US that he said would be caused by the Paris accord, including the loss of as many as 2.3-M jobs by Y 2025, including 440,000 in manufacturing, because of various energy restrictions.
He said that the accord’s restrictions would cut production in these US manufacturing sectors: paper, cement, iron and steel, coal, and Nat Gas.
The agreement would cost America $3-T in lost GPD and 6.5-M in industrial jobs, “while households would have $7,000 less income and, in many cases, much worse than that,” President Trump said.
“Not only does this deal subject our citizens to harsh economic restrictions, it fails to live up to our environmental ideals,” he added. “I cannot, in good conscience, support a deal that punishes the United States, which is what it does.”
“The bottom line is that the Paris accord is very unfair, at the highest level, to the United States,” President Trump said.
He also noted other economic realities: “America is $20-T in debt. Cash-strapped cities cannot hire enough police officers or fix vital infrastructure.
“Millions of our citizens are out of work.
“And, yet, under the Paris accord, billions of dollars that ought to be invested right here in America will be sent to the very countries that have taken our factories and our jobs away from us.
“Our withdrawal from the agreement represents a reassertion of America’s sovereignty.
“The Paris according would undermine our economy, hamstring our workers, weaken our sovereignty, impose unacceptable legal risk, and put us as a permanent disadvantage to the other countries of the world,” President Trump concluded.
“It is time to exit the Paris accord.”
“In everything you do, Mr. President, you’re fighting for the forgotten men and women across this country.
President Trump you are a Champion for the hard-working citizens across our nation who just want a government that listens to them and represents their interests.
Now the American people and the world sees and knows that our President is putting American jobs, American consumers 1st and American businesses 1st.
|Strong: Financials, Consumer Discretionary, Industrials, Energy, Materials, Healthcare|
|Weak: Technology, Consumer Staples, Real Estate, Utilities, Telecom Services|
Thursday, the US major stock market indexes posted all-time highs finishing at: DJIA +135.53 at 21144.18, NAS Comp +48.31 at 6246.81, S&P 500 +18.26 at 2430.06
Volume: Trade on the NYSE came in at 974.1-M/shares exchanged.
- NAS Comp +16.0% YTD
- S&P 500 +8.5% YTD
- DJIA +7.0% YTD
- Russell 2000 +2.9% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.40)||Bullish (0.27)||Bullish (0.42)||Very Bullish (0.51)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.33)||Bullish (0.35)||Bullish (0.29)||Bullish (0.33)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Very Bullish (0.58)||Very Bullish (0.60)||Very Bullish (0.56)||Very Bullish (0.58)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.38)||Bearish (-0.36)||Bearish (-0.42)||Bearish (-0.38)|
Latest posts by HEFFX Australia (see all)
- Heffx Update: FX Outlook - May 26, 2020
- China abandons GDP target for the first time amid coronavirus threat? - May 25, 2020
- Euro: USD/EUR (EUR=X) Some dollar volatility - May 25, 2020