While Trump is stirring up a social storm worldwide as marches, protests and anti-Trump froth spills over into his fourth full business day as presedent of the USA, the stock market at least is enjoying the Trump trade and is back in full effect.
Stocks have been on the up again in the wake of Trump and within ebbs a flows ever since his election victory and taking up of the White House last week. Stocks have suddenly rebounded on Wednesday and the Dow Jones Industrial Average finally hit the psychologically significant threshold of 20,000 at the open.
Action on Wall Street
Trump has started to implement his policies with trade at the heart of it and pro business mediums for the US economy. Trump’s probusiness policies had driven the Dow higher by 9% since Trump’s victory while the S&P 500 index has rallied nearly 7% and the Nasdaq Composite Index has gained almost 8%.
For today,The Dow Jones Industrial Average finished up 155.80 points, or 0.8%, to close at 20,068.51. The S&P 500 index added 18.30 points, or 0.8%, and finished with a record of 2,298.37 points, while the Nasdaq Composite Index closed up 55.38 points, or 1%, at 5,656.34.
Meanwhile, US 10yr yields rose 6.3bp to 2.5283%. “The correction lower in yields late last year and into the new year appears to have run its course though the US 10yr still remains shy of the 2.6394% highs hit during the peak of “Trump euphoria” mid Dec 2016. German 10yr bund yields hit their highest levels in a year (0.473%, +5bp on the day),” explained analysts at Westpac.