Business

United States stocks hit records as Trump signals action on tax cuts

United States stocks hit records as Trump signals action on tax cuts

In a meeting with airline executives at which Trump talked about the need to modernize the USA air traffic control system, the president also said his administration will be announcing "something phenomenal in terms of tax" over "the next two or three weeks".

The Dow Jones industrial average rose 118.06 points, or 0.6 percent, to 20,172.40; the S&P 500-stock index gained 13.2 points, or 0.6 percent, to 2307.87; and the Nasdaq tech index added 32.73 points, or 0.6 percent, to 5715.18.

White House spokesman Sean Spicer later told reporters that Trump would unveil a comprehensive tax plan including tax cuts for individuals as well as businesses. "Anytime we start talking about how we're going to regulate products going out and products coming in, we better darn well know what the impact on the economy is before we start making major changes".

Airlines also took flight, with American, Delta and Southwest all winning more than two percent after Trump said an infrastructure spending plan would boost investment in airports.

Investors have been waiting for details on Trump's election campaign pledge to stimulate USA economic growth through spending on infrastructure projects and tax cuts.

Oil prices ticked higher, with West Texas Intermediate up 1.54% at $53.83 a barrel and Brent crude up 1.52% at $56.49.

The dollar had gained more than 5 percent against a basket of major currencies in the six weeks after Trump's election but has given back some of those gains since as Trump has focused more on trade and immigration than fiscal stimulus.

Trump's hint that the tax plan will move quickly is the biggest theme for investors, and he has always maintained that it is going to be very aggressive, said Uriel Cohen, founder of Alpine Global in NY.

Japan's First Attempt To Clean Up Space Didn't Go So Well
The International Space Station (ISS) had to pull an avoidance maneuver around that debris two years later. After a week of attempts to get the experiment to work, JAXA was forced to give up and abandon the test.

On the data front, the USA import price index rose to 0.4% in December from 0.5% the previous month which was revised up from 0.4%.

Trump called his tax plan as "phenomenal", but offered no details other than citing the need to lower tax burden on businesses.

The dollar index.DXY was up 0.3 percent to a three-week high of 101.01.

USA stock indexes extended their climb into record heights early Friday, powered by rising energy prices.

On the futures market the SPI is 24 points higher. The contract rose 66 cents on Thursday.

Meanwhile, yields on the 10-year Treasury bond were up two percentage points to 2.41%.

All three indexes closed at all-time highs.

Gold sank 1.19 per cent on a firmer dollar and as the latest bullish U.S. economic data fuelled rate hike expectations.


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