Spicer says comprehensive tax plan coming soon
- Author: Zachary Reyes Feb 11, 2017,
Feb 11, 2017, 9:33
Futures for US markets were clearly positive late Thursday as investors cheered a President Trump promise to unveil tax reform in no more than three weeks.
About 6.9 billion shares changed hands in United States exchanges, above the 6.7 billion daily average over the last 20 sessions.
"US equities are adding to yesterday's rally following a promise of a "phenomenal" tax plan in the next 2-3 weeks by President Donald Trump, helping ease heightened trade and immigration concerns", said analysts at Charles Schwab brokerage.
Eight of the 11 major S&P 500 sectors were higher, with energy's.SPNY 1 percent rise leading the gainers.
Corporations with effective rates well above 35 percent would pay significantly lower taxes under either Trump's proposal or the House Republicans' tax plan.
A University of MI report is likely to show that its consumer sentiment index slipped to 97.9 in February from 98.5 last month.
On the USA economic front, the Labor Department released a report showing that import prices rose by more than expected in January amid another jump in fuel prices. He said that the plan is going swimmingly and he will announce tax positive news in the coming few weeks.
Based on the reports, import prices added 0.4 percent in January, topping the expected increase of 0.2 percent.
All three indexes closed at all-time highs.
The comments provied a huge boost to United States share indices the Dow Jones to hit its highest ever level of 20,239.45 during Friday trading.
Steel stocks continue to see substantial strength in mid-day trading, resulting in a 2.6 percent jump by the NYSE Arca Steel Index.
The major European markets also moved to the upside on the day.
Brent crude settled up $1.07, or 1.92 percent, at $56.70 a barrel, and US crude settled up 86 cents, or 1.62 percent, at $53.86. The Nasdaq composite went up 0.58 percent or 32.73 points before closing at the 5,713 level.
China, the biggest contributor to world trade, reports export and import data.