US stocks steady after Trump's 'USA first' speech
|Trump's 'USA first' speech delivered pieces from previous statements that had nothing new in terms of tax cuts or effective changes that may affect important trade partners. Then, US equity indexes found no reason to experience substantial changes in their trading session.
At the time of reporting, the Dow Jones Industrial Average added over 46-points and moved above 19,778 level, while the broader S&P 500 Index added around 5.50-points to 2,269.25. Meanwhile, tech-heavy Nasdaq Composite Index was trading up nearly 6-points to 5,546.31.
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Joseph Adinolfi, Markets reporter at Market Watch, notes, "Bond yields, which move inversely to prices, are on track to notch their first weekly rise in a month. Recent moves suggests that a spate of buying in bonds that has pushed yields lower has run out of steam, said Tom Tucci, managing director and head of Treasury trading at CIBC World Markets Corp. “Part of the run-up was a short covering bid just because there wasn’t any new information,” Tucci said. “There has been a lot of talk about what Trump will push through, but there is still no hard facts on infrastructure spending or tax cuts.”
In the currency markets, the US Dollar kept a neutral stand against its counterparties gaining close to 50-pips across the board against the Australian and New Zeland dollar. Another 30-pips in the case of the British pound and the Euro. Finally, the greenback retraces off highs against the Japanese yen close to 50-pips and shares an identical scenario against the Canadian dollar.
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