{"id":116623,"date":"2017-11-17T07:30:10","date_gmt":"2017-11-17T12:30:10","guid":{"rendered":"http:\/\/countingpips.com\/?p=116623"},"modified":"2018-06-01T15:49:11","modified_gmt":"2018-06-01T15:49:11","slug":"us-stocks-rebound-as-house-approves-tax-plan","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/us-stocks-rebound-as-house-approves-tax-plan\/","title":{"rendered":"US stocks rebound as House approves tax plan"},"content":{"rendered":"
November 17, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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Nasdaq ends at all time high<\/h2>\n<\/div>\n<\/div>\n

US major stock indices<\/b>\u00a0rebounded on Thursday on upbeat earnings reports as the House passed the Republican tax cut plan. The dollar weakened marginally: 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, ended little changed at 93.899.\u00a0Dow Jones\u00a0<\/em>industrial average rose 0.8% to 23458.36, buoyed by steep gains in Cisco and Wal-Mart shares on stronger than expected earnings. TheS&P 500\u00a0<\/em>gained 0.8% to 2585.64 led by telecom and consumer staples stocks. The\u00a0Nasdaq\u00a0<\/a>composite index jumped 1.3% to a record high 6793.29.<\/p>\n

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Treasury yields rose after House approval of Republicans\u2019 tax plan proposing a cut in corporate rate to 20% from 35% and a repeal of the estate tax. While this brings the bill one step closer to final approval in the Senate the final version will most likely be much different since the Senate Finance Committee\u2019s tax overhaul version differed in many areas. Economic data were positive: industrial production climbed 0.9% in October, above a 0.6% forecasted gain. In the same month, import prices rose 0.2%. On the negative side initial jobless claims rose by 10000 to six week high 249000.<\/p>\n<\/div>\n<\/div>\n

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European stocks recover on positive earnings updates<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>recovered on Thursday on positive earnings updates. The\u00a0euro\u00a0<\/em>ended little changed while the\u00a0British Pound\u00a0<\/em>climbed against the dollar on positive October retail sales report. The Stoxx Europe 600 index rose 0.8%. Germany\u2019s\u00a0DAX 30\u00a0<\/a>gained 0.6% to 13047.22. France\u2019s\u00a0CAC 40\u00a0<\/em>rose 0.7% lower and UK\u2019s\u00a0FTSE 100\u00a0<\/em>added 0.2% to 7386.94. Indices opened mixed today.<\/p>\n

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Auto maker shares rose after new car sales in the EU grew strongly in October after a dip in September. The Stoxx Europe Automobiles & Parts Index gained 0.8%. Pound strengthened after above-expected 0.3% over month rise in October retail sales. In other economic news, euro-zone inflation was confirmed at 1.4% in October, after 1.5% gain in September.<\/p>\n<\/div>\n<\/div>\n

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

Asian stock indices<\/b>\u00a0are mostly higher today as market sentiment was buoyed by recovery on Wall Street overnight.Nikkei\u00a0<\/em>rose 0.2% to 22396.80 capped by renewed yen strength against the dollar. Chinese stocks are mixed after the central bank of China injected more money into the financial system following recent soft data: the\u00a0Shanghai Composite Index\u00a0<\/em>is 0.5% lower while Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is up 0.7%. Australia\u2019s All Ordinaries Index is up 0.2% despite weaker Australian dollar against the greenback.<\/p>\n

\"NIKKEI\"<\/p>\n

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

Oil futures prices\u00a0<\/b>are edging lower today on rising US output concerns as shale oil production increases on higher price incentives. Prices rose yesterday following a surprise build in US crude supplies and increase in domestic production to a record weekly level. Brent for January settlement fell 0.8% to end the session at $61.36 a barrel on Thursday.<\/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 Nasdaq ends at all time high US major stock indices\u00a0rebounded on Thursday on upbeat earnings reports as the House passed the Republican tax cut plan. The dollar weakened marginally: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, ended little […]<\/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-116623","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116623","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=116623"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116623\/revisions"}],"predecessor-version":[{"id":116631,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116623\/revisions\/116631"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}