{"id":117425,"date":"2017-12-01T07:05:18","date_gmt":"2017-12-01T12:05:18","guid":{"rendered":"http:\/\/countingpips.com\/?p=117425"},"modified":"2018-06-01T15:48:30","modified_gmt":"2018-06-01T15:48:30","slug":"us-stocks-rally-on-tax-plan-approval-hopes","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/12\/us-stocks-rally-on-tax-plan-approval-hopes\/","title":{"rendered":"US stocks rally on tax plan approval hopes"},"content":{"rendered":"
December 1, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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SP 500, Dow end at all-time high<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0logged record highs on Thursday on expectations of Senate approval of the tax overhaul bill. The dollar weakened yesterday: 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 0.17% lower at 93.114.\u00a0Dow Jones\u00a0<\/em>industrial average jumped 1.4% to fresh record 24272.35. The\u00a0S&P 500\u00a0<\/em>gained 0.8% to all-time high 2647.58 led by energy and financial shares. All 11 main sectors finished higher. The\u00a0Nasdaq\u00a0<\/a>composite index closed up 0.7% to 6873.97.<\/p>\n

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Treasury yields rose as investors anticipate the Senate approval of Republican tax bill. Positive economic data also supported upbeat market sentiment: the personal consumption expenditure or PCE index, the Fed\u2019s preferred inflation gauge, rose 0.1% in October. And the core index, excluding volatile food and energy prices, rose 0.2%, in line with forecasts. Initial jobless claims fell by 2 thousand to 238 thousand. The inflation report contained no negative surprises, presumably keeping the central bank on track to hike rates in December.<\/p>\n

\"DJI\"<\/p>\n<\/div>\n<\/div>\n

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Energy shares weigh on European indices<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>ended marginally lower on Thursday dragged by energy shares. Both the\u00a0euro\u00a0<\/em>and\u00a0British Pound<\/em>rose against the dollar. The Stoxx Europe 600 index slipped 0.3%. Germany\u2019s\u00a0DAX 30\u00a0<\/a>lost 0.3% to 13023.98. France\u2019sCAC 40\u00a0<\/em>fell 0.5% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>dropped 0.9% to 7326.67. Indices opened mixed today.<\/p>\n

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Gains in bank shares helped offset losses after Credit Suisse Group raised its 2018 profit target for its wealth-management and connected business in Asia-Pacific. The bank also said it plans to distribute 50% of profit to shareholders through share buybacks and special dividends. Credit Suisse shares rose 2%.<\/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.\u00a0Nikkei\u00a0<\/em>rose 0.3% to 22795.30 despite renewed yen strength against the dollar. Chinese stocks are rising paring earlier losses: The\u00a0Shanghai Composite Index\u00a0<\/em>is 0.01% higher while Hong Kong\u2019sHang Seng Index\u00a0<\/em>is down 0.2%. Australia\u2019s All Ordinaries Index is up 0.3% despite stronger Australian dollar against the greenback.<\/p>\n

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OPEC extends production cut to end of 2018<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are edging higher today. Prices rose yesterday as OPEC and major producers voted unanimously to extend their oil output cut deal to the end of December 2018. Brent for February settlement rose 0.2% to end the session at $62.63 a barrel on Thursday.<\/p>\n

\nMarket 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 SP 500, Dow end at all-time high US stocks\u00a0logged record highs on Thursday on expectations of Senate approval of the tax overhaul bill. The dollar weakened yesterday: 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 0.17% lower at […]<\/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-117425","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117425","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=117425"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117425\/revisions"}],"predecessor-version":[{"id":117440,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117425\/revisions\/117440"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=117425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=117425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=117425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}