Stocks finished the day mixed after a day that featured a slew of news from the new Treasury Secretary and the Trump administration.
The tech-heavy Nasdaq was the big loser of the day, remaining in the red after falling steeply to start the day. On the flip side, the Dow Jones Industrial Average ticked up to record high for a 10th straight day.
Before we get the headlines, however, let’s check the scoreboard:
- Dow: 20,798.17, +22.57, (0.11%)
- S&P 500: 2,362.14, -0.69, (-0.03%)
- Nasdaq: 5,830.41, -30.57, (-0.52%)
- 10 year Treasury yield: 2.388%, -3 basis points
- Trump’s Treasury secretary said tax reform should be passed by August. Steven Mnuchin told CNBC that he expected the overhaul of corporate and personal taxes to be signed into law by the August recess. He also said that the administration was considering the controversial border adjustment tax, but was not sold on it.
- Mnuchin also said the stock market was a good report card for the administration. Mnuchin said that “this is a mark-to-market business” and stocks would be an indication of investor confidence in the president. He also said the country can get back to 3% GDP growth because of Trump’s policies.
- Reports indicate that the Trump administration is pushing back infrastructure investments. Axios reported, citing Republican insiders, that the massive infrastructure plan promised by Trump is likely to not go ahead until 2018.
- Former House Speaker john Boehner said Obamacare repeal and replace is “not going to happen.” At a healthcare conference in Orlando, Florida the former Republicans speaker who retired in 2015 said that “most of the framework” was going to remain despite the GOP’s plan to repeal the law.
- Bitcoin hit an all-time high. The cryptocurrency jumped above $US1,166 per coin in trading, above its previous record high of $US1.161.88 from January 5.
- Initial jobless claims come in higher than expected. There were 244,000 initial claims for the week, just above the 241,000 forecasted by economists. It is the 103rd straight week claims came in below 300,000.
- The Mexican peso hit its strongest level since Election Day. The currency hit 19.6436 per US dollar, a 1.4% gain, after Secretary of State Rex Tillerson met with Mexican Foreign Minister Luis Videgaray.
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