#AceFinanceReport – Mar.01: Dow and S&P open at all-time highs as Wall Street cheers President Trump’s speech CNBC reported .. after the Dow halted a 12-session streak of record closing highs as U.S. stocks capped the session lower. As Investors are awaiting more clarity on policy promises from President Donald Trump who will deliver his first address to a joint session of Congress Fox Business News reported Tuesday
Then as … U.S. equities kicked off Wednesday trading sharply higher on the back of President Donald Trump’s speech to Congress.
Reuters reported first before the opening bell: European shares bounce on results, basic resource stocks as European shares gained on Wednesday, with results driving specific stock moves, while basic resources were the top sector performers after U.S. President Donald Trump pledged $1 trillion of infrastructure spending in his first speech to Congress.
Europe’s basic resources index .SXPP rose 1.4 percent.
In his speech, Trump said he wanted to boost the U.S. economy with tax relief, an overhaul of the Affordable Care Act and an infrastructure push.
Meanwhile, comments from a handful of Federal Reserve policymakers that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington jolted markets into higher expectations for a March U.S. interest rate increase.
Regional dealmaking continued apace with Spain’s Banco Sabadell, Spain’s fifth-biggest bank, a top gainer, up 3.4 percent, after it said it had sold its Florida retail unit to Iberiabank Corp (IBKC.O) for $1 billion.
Italian luxury outerwear company Moncler (MONC.MI) was a top European gainer, up 4.4 percent after it posted an 18 percent increase in sales for 2016, boosted by Korea, China and the United States.
Dutch supermarket chain Ahold Delhaize (AD.AS) was among top gainers, up 3.8 percent after its results beat consensus estimates.
German plastics maker Covestro was the top faller, down 7.8 percent and headed for its worst ever day, after pharmaceuticals giant Bayer (BAYGn.DE) said it reduced its holding in the company from 64.2 percent to 53.3 percent, placing Covestro shares in the market at 66.50 euros a share.
British hedge fund firm Man Group (EMG.L) was among the worst-performing stocks, down 6.8 percent, after its results. The firm said total assets rose 3 percent in 2016, though weak performance in some funds saw fee income slide.
Europe’s biggest pure online fashion retailer Zalando was down 4.1 percent after its results. It said it would invest heavily in 2017 and create more than 2,000 jobs, announcing its first move into physical stores.
Contribution of Reporting by (Helen Reid) of Reuters
Then as markets were open CNBC Dow breaks above 21,000 as stocks hit all-time highs after Trump’s speech as Investors also payed close attention to key economic data, as the probability of the Federal Reserve raising rates surged.
Personal income rose 0.4 percent in January, topping expectations, while consumer spending slowed. However, the personal consumption expenditures (PCE) price index jumped 1.9 percent in the 12 months through January, putting inflation very close to the Federal Reserve’s target of 2 percent.
Construction spending and the ISM manufacturing data is out at 10 a.m., then the Fed’s beige book will be released at 2 p.m.
Market expectations for a rate hike this month almost doubled to around 70 percent, according to the CME Group’s FedWatch tool.
Also lifting March rate hike expectations were remarks from New York Fed President William Dudley, who told CNN International on Tuesday that he sees a rate hike in the “relatively near future,” adding that the case for tighter monetary policy has become more compelling.
“I disagree with those who think the Fed doesn’t matter anymore in terms of their influence in the context of a debt to GDP ratio that has never been higher and market valuations that are historically very rich,” said Peter Boockvar, chief market analyst at The Lindsey Group.
“Changes in fiscal policy are welcome for the economy but I lean towards monetary policy in being more impactful on markets in the shorter term time horizon,” he said.
Here is the reason why read for yourself … WASHINGTON: 05:40: 01/03/17: Congress Speech receives this reaction: Over Half of US Viewers Have Positive Reaction to Trump’s Speech in Congress here is the key points #AceNewsDesk reports – @AceNewsServices
#AceNewsReport – Mar.01: Here are the key points from Donald Trumps Congress Speech Tuesday night … following are some of the main themes of Trump’s speech:Reuters contributed to this report: IMMIGRATION Trump promised new steps shortly to “keep out those who would do us harm” and said his administration had been working on improved vetting […]
EDITOR NOTES: Thanks for following as always appreciate every like, reblog or retweet also our newspaper is added with all our posts daily below: Private Messages to https://t.me/acechatnews
Need PC Help or Advice on Security or Protecting Yourself Online Visit: AcePCHelp.WordPress.Com and leave a message.
Ace Share News