U.S. equities and stock exchange traded funds continued their record push as investors remained optimistic that President Donald Trump will unveil tax reform plans in the weeks ahead.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.2% higher Friday, with the benchmark index hitting a new record high and on track for its third consecutive week of gains.
Equities continued to strengthen Friday after Trump promised a “phenomenal” tax plan, renewing the post-election rally, which lost momentum in recent weeks on concerns over his protectionist stance and lack of additional information on policy changes, reports Yashaswini Swamynathan for Reuters.
“The market is saying, ‘Thank you for coming back to the very core of the reasons we have accepted your agenda’,” Quincy Krosby, market strategist at Prudential Financial, told Reuters.