Hello MarketClub members everywhere. The U.S. stock market is slightly lower this afternoon after data showed that the U.S. economy grew at its weakest pace in three years for the first quarter of 2017. The GDP increased at a 0.7% annual rate, below the 1.2% rise estimated by economists, as consumer spending barely increased and businesses invested less on inventories.
This drop comes on the heels of the 2.1% in the fourth quarter of 2016.
Hello MarketClub members everywhere. The NASDAQ has crossed the 6,000 level for the first time, and the DOW has had two straight triple-digit gains leading me to wonder if the Trump trade is back on. What do you think?
Of course, I would be remiss to overlook the slew of positive corporate earnings that have been this released this week with more to come. Home prices and home sales on are the rise as well, according to new data from the S&P/Case-Shiller U.S. National Home Price Index.
However, I believe everyone is zeroed in on Washington, as President Trump is expected to release an outline to potential tax reform later this week. Tax reform expectations have been one of the key market drivers since the presidential election.
Hello MarketClub members everywhere. Oil prices fell on Friday as oversupply concerns resurfaced and the euro and stocks dipped ahead of the first round in a too-close-to-call French presidential election.
After a two-week losing streak, the major indexes are on track to post weekly gains fueled by Thursday's rally, which was largely driven by Treasury Secretary Steven Mnuchin's comments that the Trump administration would unveil a tax reform plan very soon.
A steady stream of strong earnings through the week continued to bolster market sentiment.