US indices notched further gains at close today after President Trump unveils his budget wish list for FY18.
However, the horrific bombing in Manchester gave the market pause. The Dow closed +0.21% to 20,937.91.
Smaller increases were seen on Nasdaq of +0.08% to 6,138.71 posting its fourth straight session of gains. The S&P +0.18% to 2,398.42.
- Dow Jones Index 20,937.91 ++0.21%
- S&P 500 2,398.42 +0.18%
- Nasdaq 6,138.71 +0.08%
- Russell 2000 1377.14 0.72%
- NYSE Composite 11585.21 +0.37%
- Gold 1251.00 -0.36%
- Oil 51.48 +0.02%
Wall and oil, a focus in budget
Director Mick Mulvaney, director of Trump's Office of Management and Budget at a press briefing outlined the President’s FY2018 budget report titled, The New Foundation for American Greatness, or what the director dubbed the “Taxpayer First Budget” which sought to balance the need for growth and spending priorities.
Mulvaney defined Trumponomics as “sustained, 3% growth.”
Items that cheered the market included the potential for tax cuts and tax reform through simplifying the tax code.
The proposed Wall across the border with M remained in the budget, Mulvaney confirmed, “We are absolutely dead serious about the wall. In fact, after taking care of national security and the vets, my guess is, it's in the President's top three.”
There is also a proposal to sell off half of the US government’s strategic reserves to generate cash of an estimated $16.6 bn which the government expects to benefit the taxpayer.