Hope on repealing and replacing Obamacare–and moving quickly on to tax cuts–returns to Wall Street

Hope on repealing and replacing Obamacare–and moving quickly on to tax cuts–returns to Wall Street

U.S. stocks rallied today on “news” that Republicans had reached a deal to repeal and replace Obamacare. The rally in U.S stocks today on that “news” is an indication of exactly how determined Wall Street is to believe that the Republicans who control Congress and the White House are ready to move on the anticipated big tax cuts that have fueled the most recent stages of this rally.

The Trump rally turns into the Trump rout–for today at least

If you’ve been wondering–as I have–exactly how much erratic behavior and how many off-the-cuff executive orders it would take to unsettle the global financial markets, today provides, perhaps, an answer. About this much. Over the weekend the Trump administration threw the global airline industry, international norms on refugees, and the U.S. Constitution into chaotic disaster. I don’t know what part of the reaction to the executive orders that President Donald Trump issued on Friday struck the markets as too much, but they sure seem to be saying “This worries us” today.