Despite geopolitical tensions with North Korea ratcheting up once again, U.S. stocks surged to all-time highs on Tuesday. For now, investors seem excited enough about the GOP’s progress on its much-anticipated tax plan to ignore the threat from Pyongyang.
Tuesday marked an integral moment for President Trump and the Republicans. Trump gathered several GOP senators for a luncheon on Capitol Hill, shortly ahead of a crucial Senate Budget Committee hearing.
The luncheon was apparently a success, and shortly after Trump left the Capitol, two undecided Republicans on that committee—Ron Johnson of Wisconsin and Bob Corker of Tennessee—said they would vote to send to bill to the Senate floor.
Shortly thereafter, the budget committee approved the bill in a 12-11 vote that was split directly down the party line. Republican leaders are planning to conduct the final vote on the final bill as early as later this week.
On top of the progress on tax reform, investors were pleased with the testimony of Fed Chair nominee Jerome Powell. Despite the partisan gridlock in Congress and the fact that the Fed Chair nominee process has grown increasingly difficult, Powell is expected to see a smooth path to confirmation.
Stocks also shrugged off the latest threat from North Korea. The Pentagon confirmed that North Korea launched what it believes to be an intercontinental ballistic missile on Tuesday, marking its first missile test in months.
According to Secretary of Defense Jim Mattis, today’s missile test went “higher, frankly, than any previous shot they have taken.”
The DOW gained 255.93 points, or 1.09%, to close at 23,836.71, while the S&P 500 climbed 25.62 points, or 0.98%, to finish the day at 2,627.04. The tech-heavy Nasdaq gained 33.84 points, or 0.49%, to finish at 6,912.36.
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
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Stocks Ignore North Korea, Reach New Highs on Tax Progress
Despite geopolitical tensions with North Korea ratcheting up once again, U.S. stocks surged to all-time highs on Tuesday. For now, investors seem excited enough about the GOP’s progress on its much-anticipated tax plan to ignore the threat from Pyongyang.
Tuesday marked an integral moment for President Trump and the Republicans. Trump gathered several GOP senators for a luncheon on Capitol Hill, shortly ahead of a crucial Senate Budget Committee hearing.
The luncheon was apparently a success, and shortly after Trump left the Capitol, two undecided Republicans on that committee—Ron Johnson of Wisconsin and Bob Corker of Tennessee—said they would vote to send to bill to the Senate floor.
Shortly thereafter, the budget committee approved the bill in a 12-11 vote that was split directly down the party line. Republican leaders are planning to conduct the final vote on the final bill as early as later this week.
On top of the progress on tax reform, investors were pleased with the testimony of Fed Chair nominee Jerome Powell. Despite the partisan gridlock in Congress and the fact that the Fed Chair nominee process has grown increasingly difficult, Powell is expected to see a smooth path to confirmation.
Stocks also shrugged off the latest threat from North Korea. The Pentagon confirmed that North Korea launched what it believes to be an intercontinental ballistic missile on Tuesday, marking its first missile test in months.
According to Secretary of Defense Jim Mattis, today’s missile test went “higher, frankly, than any previous shot they have taken.”
The DOW gained 255.93 points, or 1.09%, to close at 23,836.71, while the S&P 500 climbed 25.62 points, or 0.98%, to finish the day at 2,627.04. The tech-heavy Nasdaq gained 33.84 points, or 0.49%, to finish at 6,912.36.
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>