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The markets continued their winning streak, making it three days in a row for the S&P and the Nasdaq, and four days in a row for the Dow. And they all closed at new all-time highs.
Growing confidence that tax reform will indeed get done this year is reenergizing the market.
The plan is to reduce corporate taxes from their current 35% rate to as low as 15%. That would put corporate taxes at the lowest level in 80 years, going all the way back to 1936. Granted, some are suggesting we may only get it down to 20-25%. But that's still a massive tax cut.
Moreover, the administration is also expected to include incentives for companies to repatriate accumulated profits from overseas (estimated at more than $2.5 trillion dollars) with an even lower 10% tax rate.
And what will businesses do with all of those profits?
Plenty!
There's no doubt some of that will go to stock buybacks. But with the US suddenly becoming one of the most business friendly countries in the world, you will see massive new corporate investment. This includes relocating foreign operations back to US soil; building new plants to expand; and the purchase of new equipment and technology to see it all through.
These tax cuts alone could usher in decades of new prosperity.
And that means a soaring stock market.
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ROE helps investors distinguish between profit-generating companies from profit burners and is useful for determining the financial health of a company. Read More »
As the chemical industry's momentum is expected to continue in the second half, it would be a prudent idea to invest in chemical stocks with solid growth prospects. Read More »
The biotech sector has turned around after its dismal performance in 2016 as uncertainty surrounding drug pricing control subsides. A few stocks are however still undervalued, which may gain going ahead. Read More »
Use Zacks ETF Rank to help you select the very best ETFs for your portfolio. This quantitative ratings system takes into account asset class forecasts as well as several ETF-specific factors. All to give you a comprehensive account of a fund's potential before you invest your money.
The markets continued their winning streak, making it three days in a row for the S&P and the Nasdaq, and four days in a row for the Dow. And they all closed at new all-time highs.
