After the trump tax bill was successful, us stocks hit a record high – just as it did.


Economic and financial news throughout the day, as news emerged that the U.S. senate passed a key tax reform bill that would boost stocks and the dollar.
So it’s not the most convincing gathering we’ve ever seen.
Who can blame the traders? To be frank, there are plenty of reasons to be cautious, such as Brexit talks, Michael Flynn’s situation and the ongoing tensions between the north Korean prime minister.
Plus the fact that stock valuations look a little high…
So tomorrow we’ll see if trump will continue, or whether the market will take a break. Before that, good night and thanks for reading. GW
The dow closed higher.
Press briefing! The dow Jones industrial average has reached a new high on the back of optimism about Donald trump’s tax reform.
But… The rally is indeed likely to fail. In the end, the dow rose just 58 points to 24,290 – up 0.25 percent.
That pushed the blue-chip index to a new closing high, extending the us presidential election that Mr Trump won 13 months ago.
Technology stocks have performed poorly, dragging down the nasdaq. The standard & poor’s 500 index also started to weaken, closing down.
Traders may have decided to “sell news” and bank profits, especially on other issues over the White House.
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It’s not in the script now. There were 15 minutes, and the meeting had run out.
The s&p 500 is now flat and the dow is down, up just 0.3%.
The technology sell-off appears to be responsible.

With about 90 minutes of trading going, the dow Jones industrial average hit a new closing high.
The dow Jones industrial average rose 160 points to 24,391, as traders continued to give credit to tax reform (although we have made reservations).
Disney was the biggest riser, up nearly 5 percent. This is due to reports that rupert murdoch’s 21st century fox talks have restored some of fox’s entertainment assets.
Boeing was up 3 per cent on the dow, followed by the chemicals giant dow (+ 2.6 per cent) and jpmorgan chase (+ 2.5 per cent).
Investors are expected to question the long-term economic benefits of cutting corporate taxes. If investors really believe that the U.S. economy is headed for higher growth, you expect U.S. government debt to react in the market. For example, investors may start to predict higher inflation rates.
But that didn’t happen. On the contrary, short-term and long-term Treasury stock yields are very similar, traditionally a harbinger of future economic woes. Interestingly, trump never tweets about it.
If both houses of congress can agree on the final tax bill, the rally in U.S. stocks could be even higher.
Jpmorgan’s Mr McBell argues that tax deals have more legs and increase (via the financial times) :
We estimate that the market is pricing only 50 per cent of the tax cuts, which would push us stocks higher if the tax plan is finally determined.
Dow Jones continued to enjoy a good day, rising about 200 to 24,430.
Financials still led the way, up 1.7 per cent.
But tech stocks aren’t going to parties. Facebook and Google both fell 0.5 per cent, while Microsoft fell 2 per cent.


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