It’s a strengthening stock market in most of the world, not just the US, as earnings reports today confirmed. Asian markets all followed through on yesterday’s US stocks rally, and Europe did the same, boosting the STOXX 600 by greater than 1%.
Just like yesterday, good earnings news was complemented by a sense that President Trump will carry through on many of his business-friendly promises. Breathing life back into the Dakota Access pipeline and also the Keystone XL pipeline yesterday brought a new sense of optimism to Wall Street, if not to environmentalists.
Non-stock items had less to cheer about. The US dollar, oil prices, bonds, and precious metals all headed south, as money ploughed back into equities after a month-long siesta. The dollar even fell vs. the Mexican currency, as Trump vowed a strong Mexican economy is important for the US. Crude oil lost nearly 1% on continuing supply concerns. The ... Log in or subscribe to continue reading.