potinsnews.com March 25, 2017

U.S. dollar, bond yields rise after Trump promises tax plan

11 February 2017, 12:41 | Chelsea Hernandez

Trump says he is releasing something 'phenomenal in terms of tax' in the next 2 to 3 weeks

United States President Donald Trump prepares to sign three Executive Orders in the Oval Office of the White House in Washington DC on Monday

The president on Thursday, in a meeting with airline and airport executives, said that lowering the "overall tax burden on American business is big league".

The Dow Jones Industrial Average was up 0.3% to 20,231.98, the S&P 500 gained 0.23% to 2,313.09 and the Nasdaq was 0.17% higher to 5,724.65 at 1517 GMT.

"The dollar also appeared to get a bit of a Trump-boost this afternoon, taking 0.2 per cemt off the pound, euro and yen, though its gains were capped somewhat by the sharper than expected fall in USA consumer confidence". Prior to the announcement, investors had been anxiously awaiting Trump's economic action plan following a campaign filled with lofty promises about boosting the economy.

Mr Trump has helped provide a huge rally in global stcoks since he won elections in November, as investors expect higher government spending and tax cuts for businesses.

The overall energy group gained 2 per cent, while US crude prices were up 1.1 percent at $52.93 a barrel after an unexpected draw in USA gasoline inventories pointed to higher demand in the world's biggest oil market.

The dollar had gained more than 5 percent against a basket of major currencies in the six weeks after Trump's election but has given back some of those gains as he has focused more on trade and immigration than fiscal stimulus.

"We're going to change all of that, folks, so you're going to be so happy with Trump", he said. Export prices rose 0.1 percent last month, in line with estimates. The data showing rising USA wholesale inventories and an unexpectedly low number of Americans filing for unemployment benefits also pushed up the dollar and US bond yields.

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Eight of the 11 major S&P 500 sectors were higher, with energy's.SPNY 1 percent rise leading the gainers. Equity markets in Hong Kong and mainland China also finished higher.

U.S. Treasury yields rose on Thursday as optimism wrapped markets following comments from President Donald Trump that he would reveal plans for U.S. tax reform in the coming weeks.

US stock indexes extended their climb into record heights early Friday, powered by rising energy prices.

Overseas, European stocks traded along the flatline, with the pan-European Stoxx 600 index trading around 0.06 percent higher.

The MSCI's world index, which tracks shares in 46 countries, rose after evidence of Chinese growth lifted shares in Asia and Europe.

Benchmark Brent crude was up 54 cents a barrel, or 0.98 percent, at $55.66. All three indexes hit new closing records on Thursday after the president promised he would soon cut taxes for businesses. Gold was down 0.3 percent.

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