Stocks are heading higher this morning as tax reform moves one step closer to becoming a reality.
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The S&P 500 has advanced 0.5% to 2638.89 at 9:35 a.m. today, while the Dow Jones Industrial Average has gained 121.42 points, or 0.5%, to 24,062.10. And even the Nasdaq Composite, which took it on the chin yesterday, is moving up: It's risen 0.5% to 6857.96.
Marketfield's Michael Shaoul and Timothy Brackett note cite yesterday's tech wreck as an example of the volatility that's hiding beneath the surface of the S&P 500:
Yet, here we are with tech snapping back, and all major indexes heading higher, with some observers touting the tax cuts that are coming down the pike as the reason for the rally. Yet Yardeni Research's Ed Yardeni notes that the tax cut, might not really be a tax cut at all. He explains:
File under: Careful What You Wish For.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
