REUTERS/Brendan McDermidNEW YORK The U.S. dollar and bond yields rose on Thursday after comments from President Donald Trump that he would be releasing his "phenomenal" tax plan in the next few weeks. Investors have been waiting for details on Trump's election campaign pledge to stimulate economic growth with large-scale fiscal stimulus through infrastructure spending and tax cuts. French 10-year government bond yields fell below 1.0 percent for the first time in two weeks. The S&P 500 financial index rose 1.37 percent as bond yields rose and was on track to snap a three-day losing streak after Trump's statements. The U.S. dollar rose more than 1 percent against the yen to a six-day high, the euro fell to the day's low against the dollar, and the greenback saw a one-week high against the Swiss franc.
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However, " just because he says there will be an announcement doesn't mean he will agree with Congress," said Jeremy Klein, chief market strategist at FBN Securities. "Lowering the overall tax burden on American business is big league ... that's coming along very well. U.S. equities traded higher on Thursday after President Donald Trump said he would give an announcement regarding taxes in the next few weeks. And we're going to announce something I would say over the next two or three weeks that will be phenomenal in terms of tax," Trump said in a meeting with U.S. airline executives. The Dow Jones industrial average rose around 150 points, with Goldman Sachs contributing the most gains.
REUTERS/Brendan McDermidNEW YORK The U.S. dollar and bond yields rose on Thursday after comments from President Donald Trump that he would be releasing his "phenomenal" tax plan in the next few weeks. Investors have been waiting for details on Trump's election campaign pledge to stimulate economic growth with large-scale fiscal stimulus through infrastructure spending and tax cuts. The S&P 500 financial index .SPSY rose 1.37 percent as bond yields rose and was on track to snap a three-day losing streak after Trump's statements. French 10-year government bond yields FR10YT=TWEB fell below 1.0 percent for the first time in two weeks. Yields on German 10-year bonds DE10YT=TWEB, seen as among the world's safest assets, edged down 0.6 bps to 0.30 percent.
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Stocks reach records, Dow pops 150 points as Trump promises 'big league' tax announcement
However, " just because he says there will be an announcement doesn't mean he will agree with Congress," said Jeremy Klein, chief market strategist at FBN Securities. "Lowering the overall tax burden on American business is big league ... that's coming along very well. U.S. equities traded higher on Thursday after President Donald Trump said he would give an announcement regarding taxes in the next few weeks. And we're going to announce something I would say over the next two or three weeks that will be phenomenal in terms of tax," Trump said in a meeting with U.S. airline executives. The Dow Jones industrial average rose around 150 points, with Goldman Sachs contributing the most gains.
U.S. dollar, bond yields rise after Trump promises tax plan
REUTERS/Brendan McDermidNEW YORK The U.S. dollar and bond yields rose on Thursday after comments from President Donald Trump that he would be releasing his "phenomenal" tax plan in the next few weeks. Investors have been waiting for details on Trump's election campaign pledge to stimulate economic growth with large-scale fiscal stimulus through infrastructure spending and tax cuts. The S&P 500 financial index .SPSY rose 1.37 percent as bond yields rose and was on track to snap a three-day losing streak after Trump's statements. French 10-year government bond yields FR10YT=TWEB fell below 1.0 percent for the first time in two weeks. Yields on German 10-year bonds DE10YT=TWEB, seen as among the world's safest assets, edged down 0.6 bps to 0.30 percent.
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collected by :Jack Luxor
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