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Weekly market wrap Oct. 20, 2017: U.S. budget blueprint helps boost indices to new record highs
11/24/2017 9:00:27 PM
HOME : FEATURES : COLUMNS : Weekly market wrap Oct. 20, 2017: U.S. budget blueprint helps boost indices to new record highs
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By Fund Library News Wire  | Friday, October 20, 2017


 

By Mike Keerma

Stock markets in the U.S. closed at record highs again this past week, as the U.S. Senate passed a budget blueprint that would pave the way for the Trump Administration’s plan to reform the unwieldy U.S. tax code. That, along with a purported short list of candidates to lead the Federal Reserve Board, had investor sentiment bubbling even higher, leading the blue-chip S&P Composite Index to yet another record close and its sixth consecutive weekly gain, at 0.9%. The Nasdaq Composite Index also racked up a record high close on Friday, posting an advance of 0.4% on the week. Toronto’s benchmark S&P/TSX Composite Index gained 0.3% on the week, also its sixth consecutive weekly advance, buoyed by strength in the materials sector and gains in financial stocks. Gold, however, retreated 1.8% on the week, while crude oil posted a gain of 1.3%.

Expectations for a U.S. tax cut were given added impetus last week at the Senate passed a budget blueprint for the next fiscal year. The budget blueprint isn’t the actually binding and doesn’t carry the weight of law. That will come later as the debate intensifies and spending bills make their way through the Republican-majority House and Senate before being signed (or vetoed) by President Trump.

President Trump also revealed that he’s considering Stanford University economist John Taylor (of the “Taylor Rule” fame) and Fed Governor Jerome Powell as candidates to replace Janet Yellen as Chair of the Fed. Markets seem neutral on which of these candidates might be the next Chairman, but at least they weren’t negative.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.

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The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

 
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