Federal Hall and George Washington statue in New York, Photo by Musik Animal via Wikimedia Commons
The US stock market rocketed to new highs, spurred by President Donald Trump’s vow to introduced “phenomenal” tax reforms.
Friday’s rise in S&P 500 Index, Down Jones Industrial Average and Nasdaq Composite Index represented continuation of the Trump effect on the Wall Street that began with Trump’s November 8, 2016 election victory.
Since then, the president has faced political and legal battles on some of the issues including travel ban on visitors from seven Middle Eastern and African countries but his pledge to ramp up infrastructure spending, generate jobs, bring tax reforms and international relations including continuation of One-China policy and a meeting with Jaapense Prime Minister Shinzo Abe seem to have resonated with investors and financial experts.
The rally on Friday marked capping of third succcessive week of gains on the Wall Street, also helped by soaring oil prices and a robust tech activity.
While the S&P 500 index SPX, +0.36% rose 8.23 points,to 2,316.10, the Dow Jones Industrial Average DJIA, +0.48% added 96.97 points to climb to 20,269.37. The Nasdaq Composite Index COMP, +0.33% advanced 18.96 points to 5,734.13.
