Economic Journal - Monday, 2/13/2017Submitted by Miller Financial Group, LLC on February 13th, 2017
U.S. markets have opened the week reaching for more records. After closing out last week at record levels, both the Dow and S&P500 are continuing with that momentum to begin the trading week up 0.40% and 0.34% respectively. The Trump trade is back on after the President announced that he will soon unveil his tax reform plan with the promise of massive corporate tax cuts. Investors are also responding positively to Trump’s softer approach to trade partners China and Japan. Other positive factors feeding this recent upswing include better than expected fourth quarter earnings and an improving global economic growth outlook. It’s a quiet day on the economic reporting front however things will pick up as the week rolls on with PPI, CPI, Retail Sales, Industrial Production and Housing Starts due out later in the week. There is a meeting between President Trump and Canadian Prime Minister Justin Trudeau today that should garner some attention. On Tuesday and Wednesday, Fed Chair Janet Yellen will be delivering her semiannual monetary policy report to Congress which will reveal the Fed’s thoughts on economic developments. Both European and Asian markets are pushing higher while oil is down nearly 1.5% and gold is 1% lower.