Dollar and World Stocks strengthened by U.S. tax plan hopes

Discussion in 'Currency Pairs' started by Larry, Oct 20, 2017.

  1. Larry

    Larry Administrator

    World stocks and bond yields rose and the U.S. dollar strengthened on Friday, as investors anticipated President Donald Trump could make progress on his fiscal plans after the U.S. Senate approved a budget blueprint that paves the way for tax cuts.

    U.S. Republican Senator Rand Paul appeared to back the administration's sweeping tax cut plan, saying he was "all in" for massive tax cuts, even as the Senate passed a key budget measure without his support one day earlier.

    Equities rose on Wall Street, with financials, which are expected to benefit from the administration's proposed policies, up 1.16 percent as the best performer of 11 major S&P sectors.

    "It clearly is a positive and has added to the sentiment," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.

    CNBC report

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