Tiny Trump Hands Deliver Teeny Tiny Tax Plan, US Stocks Collapse in Despair
The following article by David Haggith was published on The Great Recession Blog:
The following article by David Haggith was published on The Great Recession Blog:
After two days of back to back triple digit gains in the Dow for the first time since the election, overnight the torrid rally has faded, with European shares and U.S. stock futures little changed ahead of Trump's big unveil of his much anticipated tax cut plan as investors seek new impetus for a flagging relief rally. And, if as some traders expect, the rally is likely to be reignited no matter what Trump announces today (although a less hyperbolic plan may in fact be more favorable for risk, as it makes Trump's plan more likely instead of being shot down by Congress).
This...
Stocks continue to soar...but once again it was the overnight gap open - Trannies were red on the day but Nasdaq record highs above 6,000; Dow over 21,000, Small Caps record high
Despite tumbling soft data and disappointing earnings data...
Stocks soared most in 6 weeks...
European stocks rebounded after the biggest one-day drop since November, alongside S&P futures, while Asian equities posted modest declines after yesterday's weak US close. Gold and yen slid, while the dollar gained on the latest Mnuchin comments to the FT according to which Trump was "absolutely not" trying to talk down the dollar.