Trump Comment Ticks Dollar Higher
"We're going to be announcing something, I would say, over the next two or three weeks", Trump said during a meeting at the White House Thursday with airline executives.
His comments were welcomed by investors as the Dow added 118 points to finish the day at 20,172 and the S&P rose 13 points to 2,307. That sent the pound as high as $1.2582 in early United States session before Trump's promise of a "phenomenal" announcement on tax to support usa growth and investment boosted dollar. "We're going to get some sort of boost".
On Thursday, indices reached record closes after Trump said he was planning the most ambitious tax reform since the Reagan era in the next few weeks, although he stopped short of giving any details.
Crude oil prices jumped after the International Energy Agency reported Friday that OPEC members and the 11 non-OPEC countries - which agreed to cut oil production by 1.2 million barrels a day in November - largely have complied with the production cuts.
"It's nearly a resumption of the Trump trade", says Faraday Research market analyst Matt Weller, explaining today's gains.
The president, however, offered no specifics other than citing the need to a lower tax burden on businesses, the report said.
Stocks have today built on that momentum, with the Dow Jones, S&P 500 and Nasdaq all marking new all-time highs at the open.
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The Australian share market is set to push higher at the open, following a record close for USA stocks.
World markets had wavered Wednesday as increasing uncertainty about France's political outlook and fears of another debt crisis brewing in Greece sent yields on European government debt higher.
The U.S. dollar index, which gauges the dollar's strength against a basket of major peers stabilized at 0.02% to 100.64, while the USD/JPY rallied 0.36% to settle at 113.66, and AUD/USD added 0.26% to 0.7644.
US 30-year yields fell to a three-week low of 2.945 percent Wednesday, while five-year yields touched a two-month low of 1.794 percent Wednesday.
Strength on Wall Street boosted the index further and it was up 0.41 percent to the highest since May 2015.
Benchmark Brent crude settled up 51 cents at $55.63 per barrel. All three indexes hit new closing records on Thursday after the president promised he would soon cut taxes for businesses. Global benchmark Brent crude advanced $1.15, or 2.1%, to $56.78 a barrel.
Spot gold was down 0.85 percent at $1,231.03 an ounce by 3:53 p.m. EST (2053 GMT), while US gold futures settled down 0.2 percent at $1,236.80.
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