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More strong earnings + new tax plan excitement = highest stock market close since March 1st.
Now stocks will idle near the highs as investors await details on the new tax plan touted by the administration. Most everyone agrees with the basic merit of a lower corporate tax rate. Yet not everyone is willing to stomach the potential for much higher deficits.
How much higher? Like $2.4 trillion over 10 years.
Some will argue that this estimate undercounts the growth potential of the plan that would lead to a larger taxable base. However, I doubt it passes without some important increases in taxes in other places (like the generally disliked border adjustment tax).
Investors will now scour the headlines to appreciate every nuance of the plan and to measure the willingness of lawmakers to vote into effect. The sooner it comes together, the sooner stocks will break to new highs above 2400.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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More strong earnings + new tax plan excitement = highest stock market close since March 1st. 
