Dow, S&P each up 0.7% as market regains footing
The underpinnings of the Trump trade persist, despite the setback last week
After markets slid on a rethinking of the Trump trade amid a US congressional failure on health care, stocks recovered sharply on Tuesday.
The Dow Jones Industrial Average ended an eight-session string of losses, with gains of 0.7%, while the S&P was up the same amount following a flat showing yesterday.
Paul Ashworth of Capital Economics, speaking to the Financial Times, said that, despite the Trump administration’s setback last week, his firm hasn’t changed expectations of a US$2 trillion tax cut package by the early next year.