Trump’s Executive Orders Pushed S&P 500 to an All-Time High
Feb 11 2017 11:49 AM , , No Comments
Trump was always very vocal about the strict immigration and the employment policies that he will undertake once he rises to power and true to his words he has been seen trying to bring in some major changes.
The executive orders from President Donald Trump saw a rally in the U.S markets earlier in the month of January. The S&P 500 rose about 0.66 per cent, notching intraday and closing records, with materials leading eight sectors higher. Copper futures for March delivery rose more than 2 per cent. Platinum and palladium futures also advanced more than 2 per cent.
President Trump signed the executive orders that will make it easier for the TransCanada to build the Keystone XL pipeline and for Energy Transfer Partners to build the final uncompleted portion of the Dakota Access pipeline.
The Dow Jones industrial average surged 112 points, with IBM contributing the most gains. The Nasdaq composite advanced 0.9 per cent, hitting record highs on a closing and intraday basis.
Overseas, European equities rose mostly, with the pan-European Stoxx 600 index edging up by 0.25 per cent. In the United Kingdom, the Supreme Court said that the government will need parliamentary approval to start Brexit negotiations with the EU.
The last week of January saw green signal from the Asian markets too.
Asia equities closed mixed, with the Nikkei 225 falling 0.55 percent and the Shanghai composite rising 0.18 percent.
The Dow Jones industrial average rose 112.86 points, or 0.57 per cent, to 19,912.71, with DuPont leading advancers and Verizon the top decliner.
The S&P 500 gained 14.87 points, or 0.66 per cent, to 2,280.07, with materials leading eight sectors higher and telecommunications lagging.
The Nasdaq composite advanced 48.01 points, or 0.86 per cent, to 5,600.96.
About three stocks advanced for every decliner at the New York Stock Exchange, with an exchange volume of 865.04 million and a composite volume of 3.8 billion at the close.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 11.1.
Initially the Indian market displayed some signs of fear on cue from the H1-B visa policy changes and the IT companies were seen declining the most. However, India also caught the rally train. Yesterday, 10th February 2017, Nifty share price closed in the green zone up by 15.15 points or 0.17 per cent.