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Markets Respond to President Trump’s Speech to Congress
The verdict is in from Wall Street: The day after President Donald Trump’s first-ever speech to Congress proved wildly positive for the markets as the major indices reached new record highs on huge gains on Monday. Trump impressed many with his address and he was widely praised for its positive tone. investors evidently welcomed his “more presidential tone”, which could give him momentum to helping to push his agenda and bring about comprehensive corporate and individual tax reform, along with a plan that the president said will create more than $1 trillion in new investment.
Zhiwei Ren, portfolio manager with Penn Mutual Asset Management told CNBC:
“The major positive from the speech is he delivered on his ‘America first’ message, but he did so in a positive and uniting way. If his message of ‘America first’ can succeed, this could be positive for the economy” in the near term.”
The President did not detail any specifics about tax reform and deregulation, two key components of the market’s post election rally.
Watch President Trump’s entire debut speech to a joint session of Congress below.
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