Trump said his goal of lowering taxes for businesses was moving “ahead of schedule.” The President expects to send the Republican controlled Congress an outline for a comprehensive plan to overhaul the tax code for individuals and businesses by the end of the month, the Wall Street Journal reports.
“Politics is playing a much larger role in the day-to-day and week-to-week market than it ever has before,” Brian Nick, chief investment strategist at TIAA Investments, told the WSJ. “It’s not the euphoria we’ve had since the election, but until we have something happen to throw a wrench in the market in terms of fiscal policy, investors are optimistic about the future.”
The energy sector was also among market leaders Friday, with the Energy Select Sector SPDR (NYSEArca: XLE) up 0.9%, as crude oil prices rose more than 2% on reports that the Organization of Petroleum Exporting Countries enacted over 90% of the output cuts they previously pledged.
For more information on the markets and U.S. Stock ETFs, visit our S&P 500 category.