RECORD HIGHS – S&P 500 Passes $20 Trillion, Investors Anticipate Trump’s Looming Tax Cut Plan
By Noel Randewich, Fox Business // February 13, 2017
ABOVE VIDEO: How Trump’s tax cuts will affect the market
(FOX BUSINESS) – U.S. equity indexes hit record highs on Monday, with the benchmark S&P 500’s market value topping $20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy.
Trump vowed last Thursday to make a major tax announcement over the next few weeks, adding fuel to a rally that had stalled amid worries about the potential impact of his protectionist trade stance and a lack of clarity about other policy reforms.
The S&P 500 has surged about 9 percent since Trump’s Nov. 8 election, boosted by expectations he would lower corporate taxes, ease regulations governing banks and increase infrastructure spending.
Trump has also held high-profile meetings with senior executives from automakers and Silicon Valley technology companies.
“Day after day, corporate executives from a variety of industries are being brought to the White House to consult with the president. Business does seem to be back in the driver’s seat, and I think that’s why people are willing to pay up a little bit more for stocks,” said Jamie Cox, managing partner of Harris Financial Group in Richmond, Virginia.
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