{"id":115868,"date":"2017-11-03T06:49:07","date_gmt":"2017-11-03T10:49:07","guid":{"rendered":"http:\/\/countingpips.com\/?p=115868"},"modified":"2018-06-01T15:53:31","modified_gmt":"2018-06-01T15:53:31","slug":"us-stocks-advance-as-republicans-unveil-tax-plan","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/us-stocks-advance-as-republicans-unveil-tax-plan\/","title":{"rendered":"US stocks advance as Republicans unveil tax plan"},"content":{"rendered":"
November 3, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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Dow closes at record high<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0inched higher on Thursday after President Trump nominated Jerome Powell as the new Fed chairman. The dollar weakened as the House Republicans\u2019 tax plan was unveiled: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, fell 0.1% to 94.708.\u00a0Dow Jones\u00a0<\/em>industrial average rose 0.4% to 23516.26, new all-time high. The\u00a0S&P 500\u00a0<\/em>gained less than 0.1% to 2579.85. The\u00a0Nasdaq<\/a>composite index meanwhile lost less than 0.1% closing at 6714.94.<\/p>\n

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Treasury yields declined after tax plan details revealed it is focused more on lowering corporate tax rates than personal income tax rates. Jerome Powell\u2019s stance on monetary tightening is seen as moderately dovish as he is expected to pursue less aggressive rate hikes than other candidates. Economic news were positive: initial jobless claims fell to 229 thousand, a 45-year low, and productivity jumped 3% in third quarter, a three year high. Today at 13:30 CET October nonfarm payrolls will be released: a jump above 300 thousand in new jobs is expected, due to rebound following a drop in employment after hurricanes.<\/p>\n<\/div>\n<\/div>\n

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European stocks pull back<\/h2>\n<\/div>\n<\/div>\n

European stock indices\u00a0<\/b>pulled back on Thursday as losses from health and technology stocks outweighed gains from bank stocks. The\u00a0euro\u00a0<\/em>climbed against the dollar while\u00a0British Pound\u00a0<\/em>slumped. The Stoxx Europe 600 index closed 0.5% lower. Germany\u2019s\u00a0DAX 30\u00a0<\/a>lost 0.2% to 13440.93. France\u2019s\u00a0CAC 40\u00a0<\/em>slipped 0.1% while UK\u2019s\u00a0FTSE 100\u00a0<\/em>jumped 0.9% to 7555.32. Indices opened mixed today.<\/p>\n

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Euro was supported by data showing euro-zone manufacturing activity remained at 80-month high in October and Germany\u2019s unemployment held at a record low 5.6%. Stronger euro weighs on exporter stocks as it makes their products more expensive in overseas markets. Pound slumped as the Bank of England dropped a line from its statement that rates may need to rise more than the market expects.<\/p>\n<\/div>\n<\/div>\n

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Asian markets mixed<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly higher today as investors await the US jobs report. Japanese markets are closed for a holiday. Chinese stocks are mixed: the\u00a0Shanghai Composite Index\u00a0<\/em>is 0.4% lower despite a Caixin report China services sector grew faster in October. Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is up 0.4%. Australia\u2019s All Ordinaries Index is up 0.5% as Australian dollar pared most previous day gains against the greenback.<\/p>\n

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Oil higher<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are higher today. Prices rose yesterday on data showing a decline in US crude and gasoline stockpiles. Brent for January settlement rose 0.2% to end the session at $60.62 a barrel on Thursday.<\/p>\n

\"BRENT\"<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Dow closes at record high US stocks\u00a0inched higher on Thursday after President Trump nominated Jerome Powell as the new Fed chairman. The dollar weakened as the House Republicans\u2019 tax plan was unveiled: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-115868","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=115868"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115868\/revisions"}],"predecessor-version":[{"id":115872,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115868\/revisions\/115872"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}