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Dow Gains 150 Points Advancing to All Time Highs as Congress Prepares to Pass Trump Tax Cuts

Jacob Wohl



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Despite the inexplicable evil on display with more 50 people killed in Las Vegas, many expected the market to give up gains.

Instead, the Dow advanced more than 150 points to new all time highs, with firearm stocks leading the way ahead of the expectation of the passing of Trump Tax Reform.

From MarketWatch:

U.S. stock benchmarks closed at all-time highs on Monday afternoon, as equities resumed a steady run-up that could set the tone for the final three months of 2017. Four main benchmarks set records: the S&P 500 index, the Dow, the Nasdaq and the small-cap Russell, shaking off a mass shooting in Las Vegas that President Donald Trump described as “an act of pure evil.”

What are the stock benchmarks doing?

The S&P 500 index SPX, +0.39%  advanced by 9.76 points, or 0.4%, finishing at a record 2,529.12, powered by gains in the health-care and financials sectors, up 1% and 0.9%, respectively. The Dow Jones Industrial Average  DJIA, +0.68% added 152.51 points, or 0.7%, to a fresh all-time peak at 22,557.60, supported by gains in 3M CoMMM, +1.36% and Goldman Sachs Group IncGS, +1.46%

The Nasdaq Composite Index COMP, +0.32% meanwhile, tacked on 20.76 points, or 0.3%, to 6,516.72. The Russell 2000 Index RUT, +1.25%   also carved out a record, up 1.3% at 1,509.47.

What are strategists and traders saying?

“l think what’s driving the market is just optimism about the fourth quarter, along with expectations that results from the third quarter will be similar to the second quarter,” said Robert Pavlik, chief market strategist at Boston Private Wealth. He also said hope that the Trump administration will rework tax policy is supporting buying appetite, although doubts linger about that coming to fruition this year.


Jacob Wohl is the CEO and Head of Fixed Income and Interest Rates for Montgomery Assets, a proprietary trading and asset management firm based in Los Angeles, CA. Jacob Wohl is the host of the Offended America Podcast


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