The index increased significantly over the week following strong gains during the first two trading sessions. The index surged on Monday following the victory of centrist candidate Emmanuel Macron in the first round of the French presidential election.
The index advanced by an identical margin on Tuesday, following the release of strong earnings reports and as expectation for possible tax reform grew. The Dow slipped on Wednesday following the release of Trump’s outline for tax reform and only managed to inch up on Thursday.
The index surged 1.1% on Monday following the victory of centrist candidate Emmanuel Macron in the first round of the French presidential election. Shares of JPMorgan Chase & Co (NYSE:JPM). JPM JPM and Goldman Sachs (NYSE:GS) surged 3.5% and 2.9% respectively which boosted the Dow. Meanwhile, investors kept a close watch on quarterly earnings results with tech majors scheduled to report later in the week.
The index advanced by 232.23 points, or 1.1% on Tuesday on Tuesday, following the release of strong earnings reports and as expectation for possible tax reform grew. Earnings for the Dow were particularly strong, with four of its five components exceeding expectations. The Nasdaq closed above 6,000 for the first time ever since its inception in 1971. Meanwhile, sales of newly-constructed homes in March increased 5.8% above its revised February rate.
The index lost 0.1% on Wednesday following the release of Trump’s outline for tax reform. The plan promised to slash the top income tax rate from 39.6% to 35%. The new administration has also proposed to reduce the corporate tax rate from 35% to 15% along with an abolishment of the estate tax. Investors were disappointed as they had expected some more details about the tax-reform package. Meanwhile, market watchers kept a close watch on quarterly earnings results.
The index inched up marginally on Thursday after technology shares experienced gains. Meanwhile, energy shares experienced a notable fall following concerns over increasing U.S. production and the restart of Libya’s big Sharara oil field upset oil market watchers. Lack of details in President Donald Trump’s tax plan unveiled on Wednesday also pared some gains for the broader market.