Wall Street jumps to record highs after Trump promises ‘phenomenal’ tax plan


Wall Street’s three main indexes hit record highs on Thursday, amid gains across sectors, led by financial and energy stocks.


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The S&P 500 financial index .SPSY rose 1.06 percent and was on track to snap a three-day losing streak after President Donald Trump said he would make a tax announcement in a few weeks.

Oil prices rose 1.3 percent, extending gains to the second day, supported by an unexpected draw in U.S. gasoline inventories. The S&P 500 energy sector .SPNY was up 1.05 percent. [O/R]

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Investors have been on the sidelines in the past few weeks, awaiting more clarity from Trump on his promises of tax cuts, simpler regulation and higher infrastructure spending.

“The one thing that you can be certain about Trump is that he is going to be unpredictable,” said Chris Gaffney, President of world markets at EverBank.

“I think this is another ‘Trump On’ trade day where we’re finally seeing some of the proposed policies being put into place.”

At 11:02 a.m. ET (1602 GMT) the Dow Jones Industrial Average .DJI was up 101.2 points, or 0.5 percent, at 20,155.54, the S&P 500 .SPX was up 11.4 points, or 0.49 percent, at 2,306.07 and the Nasdaq Composite .IXIC was up 25.82 points, or 0.45 percent, at 5,708.27.

Ten of the 11 major S&P sectors were higher. The utilities sector .SPLRCU, which is considered a defensive bet, was down 0.5 percent.

Viacom (VIAB.O) was the biggest gainer on the S&P, rising 4.5 percent as its quarterly profit beat analysts’ expectations.

Coca-Cola (KO.N) fell 2.1 percent to $41.13 after the beverage maker forecast a drop in full-year adjusted profit. The stock was the biggest drag on the Dow and the S&P.

Twitter (TWTR.N) sank 9.6 percent after the microblogging website reported its slowest revenue growth since going public in 2013.

Airline stocks, including JetBlue (JBLU.O), Delta (DAL.N) and United Continental (UAL.N) rose more than 2 percent after Trump met with top management of the companies.

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About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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