Posted on 03/01/2017 12:23:03 PM PST by drewh
Stock-market indexes set a new round of records Wednesday as investors welcomed President Donald Trump’s tone during his address to a joint session of Congress.
Some analysts suggested that the absence of protectionist comments as well as his overall tone that was perceived as “presidential” instilled confidence among investors, sending global equity markets higher.
“The economy is doing well, as we can see from today’s inflation and manufacturing numbers and any additional stimulus will put it into even a higher gear, and stock markets like that,” said Mark Kepner, managing director of sales and trading at Themis Trading.
If the Dow closes at current levels, the average will have run from 20,000 to 21,000 in 24 sessions, tying a record set in 1999 for the shortest 1,000-point gain.
“Now, earnings are picking up and we’re breaking out in quick fashion,” said Detrick. “The concern now is if we got to 22,000 quickly and hit a blowoff top. Some pullback is normal and we want to see a correction. No more than 5% to 7% would be perfectly normal considering the rally since the election.”
“For now, it seems that investors are content with the reasonable tone of the president, while impending rate hikes are seen in the context of improving economy,” Krosby said.
The manufacturing index from the Institute for Supply Management rose to 57.7% in February, its best level in more than two years.
Trump delivered his address to Congress after the market’s close Tuesday. In what many saw as a rather reserved speech, the U.S. president promised “massive tax relief” for the middle class and tax cuts for corporations.
(Excerpt) Read more at marketwatch.com ...
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Trump better get some help from Republicans in Congress quick to get those Infrastructure jobs out the door.
I am currently reading a novel that takes place around WW II in China and Japan. The very smart protagonist comments that what makes Americans different is that they are all Merchants.
Index
Son. Of a. Bitch!
Check out the different article that gets posted to Facebook if you try to “share” THIS article!
Don’t tell ME these media bastards don’t deserve a rope!
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