Friends
Stocks enjoyed a nice rally that seemed to be helped by an early morning comment from the President that he’ll be unveiling a tax reform plan within the next few weeks. This is good news to market participants who had worried that tax reform had taken a back seat to immigration and the Affordable Care Act. Investors would prefer that the President lead with tax reform, before potentially getting bogged down in the healthcare mess, not to mention the immigration distraction.
By the close, the Dow Jones Industrial Average was up 117 points to finish the day at 20,172. The S&P 500 was up 13 points to close at 2,307. Gold was down $7 to trade at $1,232 per ounce, while oil was up $.72 to trade at $53.06 per barrel WTI.
Keeping up with this President is going to be quiet a job for traders. At any moment he can deliver a scathing tweet that can affect a stock that you own, or he can pivot to an important topic like taxes, as he did today. Unfortunately, there is no predicting just what he will do, or when he will do it. I guess that’s the fun of it. Stay tuned and buckled in.
Have a nice evening everyone.
