The stock markets got off to a good start early this morning when the news hit that a border wall funding would not be tied to a bill to prevent a government shutdown. Those opposed to a wall would most likely oppose a bill that includes any funding for a wall. Opposition to the bill would have most likely brought a government shutdown this weekend.
Earnings on the plus side from Caterpillar and Mc Donald’s were also embraced by the equity index markets. The Dow Jones had another 200 point move , the S&P pushed towards all time highs, and the NASDAQ hit 6,000 for the first time ever.
On the futures side:
- The Dow closed +1.17 % at 20,938
- The S&P 500 + .61 % at 2385
More earnings on Wednesday and the tax reform plan will be big factors on trading. Right now talks of big changes in tax rates are priced into the market. If the plan isn’t as “market friendly” as expected, we could see some selling off from today’s levels.
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