Dollar Rises After Trump Talks About Revealing Tax Plan
- Author: Zachary Reyes Feb 11, 2017,
Feb 11, 2017, 14:04
"US President Donald Trump has started making the right noises again as far as markets are concerned, with Thursday's promise of a "phenomenal" tax announcement in the coming weeks certainly hitting all the right notes".
After the market drifted sideways for a couple weeks, "now here we are at levels on the S&P where we have broken through overhead resistance at the 2300 level", said Walter Todd, chief investment officer at Greenwood Capital Associates.
USA futures pointed to another positive session on Wall Street a day after President Donald Trump promised to make a "phenomenal" announcement about his tax plans soon.
White House spokesman Sean Spicer said the President would outline a comprehensive tax plan, including cuts for individuals and businesses. Export prices rose 0.1 percent last month, in line with estimates.
"We're finally seeing some of the proposed policies being put into place".
The dollar headed for its first weekly gain of the year and Treasuries retreated for a second day as Trump's pledge revitalized trades that had begun to show signs of cracking.
USA crude oil futures rose 1.26 percent, or 33 cents, to settle at $53.00 per barrel, extending gains to the second day, supported by an unexpected drawdown in US gasoline inventories.
The report said import prices increased by 0.4 percent in January after climbing by an upwardly revised 0.5 percent in December.
March silver futures declined 15 cents, or 0.9%, to $17.59 a troy ounce at 7:20 am ET.
All three indexes closed at all-time highs.
Against its Japanese counterpart, the dollar gained 0.4 percent to 113.75 yen, up more than 1 percent for the week ahead of a meeting later on Friday between Trump and Japan's Prime Minister Shinzo Abe.
Outside the index, Sears (SHD.O) surged after the retailer said it would cut debt and pension obligations by at least $1.5 billion this year.
Mead Johnson was up 5.17 percent after Reckitt Benckiser finalised a $16.6 billion deal to buy the infant formula maker.
Advancing issues outnumbered decliners on the NYSE by 1,895 to 891.
The S&P 500 posted 40 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 134 new highs and 23 new lows.