U.S. equities and stock exchange traded funds were slightly positive, trading near record levels, as investors optimistically wait on President Donald Trump’s Tuesday address to a joint session of Congress.
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 0.1% higher Monday.
U.S. stocks were slightly up, with the S&P 500 and the Dow Jones Industrial Average hitting intraday record highs, on Trump’s comments of a “big” infrastructure statement on Tuesday, reports Yashaswini Swamynathan for Reuters.
The U.S. markets have been continuously pushing toward new record levels after Trump promised a “phenomenal” tax announcement a few weeks back that helped reignite the so-called Trump rally, which stalled in January as traders turned wary without clarity on policies.
“We’re really trying to discern the magnitude of policy and timing,” Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank, told the Wall Street Journal. “We’ve had a lot of posturing from the new administration without getting the particulars.”
Many are sitting tight in anticipation of further clarity on how the president will carry out his agenda of bolstering economic growth. Trump previously mentioned that his administration would be “moving quickly” on regulatory reforms and a tax plan would be released after a proposal on Obamacare.
“If we have a market that is willing to accept a roadmap that says we are going to repeal and replace Affordable Care Act and then have some form of tax reform by the August recess, I think the market will continue to be supportive,” Art Hogan, chief market strategist at Wunderlich Equity Capital Markets, told Reuters.
Additionally, investors will be watching out for several Federal Reserve officials, including Chairwomen Janet Yellen, as they are scheduled to deliver speeches this week before the U.S. central bank convenes in mid-March.
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