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Thursday, February 9, 2017

Stocks Record Close New Highs as President Trump Promises 'Big League' Tax Reform Coming

Current World Daily

President Trump stated today:
"Lowering the overall tax burden on American business is big league ... that's coming along very well. We're way ahead of schedule, I believe. And we're going to announce something I would say over the next two or three weeks that will be phenomenal in terms of tax."

Matt Weller, senior market analyst at Faraday Research:
"It's almost a resumption of the Trump trade."

"In his acceptance speech, Trump talked about infrastructure and deregulation, but in recent weeks he'd gotten away from that."

"This is sort of reigniting those animal spirits."

CNBC "The S&P 500 advanced about 0.6 percent, with financials rising 1.4 percent, hitting a new all-time high. The Nasdaq composite also hit a fresh all-time high, rising 0.6 percent."

Kate Warne, investment strategist at Edward Jones:
"I think it's a combination of investors feeling more confident that some tax package will get worked on. But I think that we also have lower interest rates recently and solid earnings."

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