Wall Street hits record high as Trump promises tax plan soon | Reuters
By Yashaswini Swamynathan Wall Street's three main indexes hit record intraday highs on Thursday after President Donald Trump said he would make a 'phenomenal' tax announcement over the next two or three weeks. A post-election rally has sent Wall Street's indexes to record highs on bets that Trump would usher in an era of tax cuts, simpler regulations and higher infrastructure spending. 'Lowering the overall tax burden on American business is big league,' Trump said in a meeting with airline executives.Chris Gaffney, president of world markets at EverBank, said this was another 'Trump On' trade day.
By Yashaswini Swamynathan
Wall Street's three main indexes hit record intraday highs on Thursday after President Donald Trump said he would make a "phenomenal" tax announcement over the next two or three weeks. A post-election rally has sent Wall Street's indexes to record highs on bets that Trump would usher in an era of tax cuts, simpler regulations and higher infrastructure spending. "Lowering the overall tax burden on American business is big league," Trump said in a meeting with airline executives.Chris Gaffney, president of world markets at EverBank, said this was another 'Trump On' trade day. "We're finally seeing some of the proposed policies being put into place."At 12:39 p.m. ET (1739 GMT) the Dow Jones industrial average .DJI was up 125.94 points, or 0.63 percent, at 20,180.28, the S&P 500 .SPX was up 12.63 points, or 0.55 percent, at 2,307.3 and the Nasdaq Composite .IXIC was up 32.24 points, or 0.57 percent, at 5,714.69.
Eight of the 11 major S&P sectors were higher. The S&P 500 financial index .SPSY rose 1.3 percent and was on track to snap a three-day losing streak. The utilities sector .SPLRCU, which is considered a defensive bet, was down 0.88 percent. Among stocks, Viacom (VIAB.O) rose 2.5 percent as its quarterly profit beat analysts' expectations.
Coca-Cola (KO.N) fell 2.3 percent to $41.13 after the beverage maker forecast a drop in full-year adjusted profit. The stock was the biggest drag on the Dow and the S&P.Twitter (TWTR.N) sank 10.7 percent after the microblogging website reported lower advertising revenue in its latest quarter.Airline stocks, including JetBlue (JBLU.O), Delta (DAL.N) and United Continental (UAL.N) rose more than 2 percent after Trump met with top executives of the companies.
A report from the Labor Department showed the number of Americans filing for unemployment benefits fell to a near 43-year low of 234,000 last week, pointing to tighter labour market conditions. Advancing issues outnumbered decliners on the NYSE by 1,907 to 950. On the Nasdaq, 2,037 issues rose and 739 fell.The S&P 500 index showed 36 new 52-week highs and one new low, while the Nasdaq recorded 115 new highs and 18 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)
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By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.