April 20, 2017 | Daily JAM, Morning Briefing, Short Term |
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.
January 30, 2017 | Daily JAM, Short Term |
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January 30, 2017 | Daily JAM, Morning Briefing |
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.
January 25, 2017 | Daily JAM, Morning Briefing |
The Dow Jones Industrial Average broke through the long-awaited 20,000 level shortly after stocks opened for trading this morning. The Dow had pulled back in eight of the last 11 days. The 30-stock index is now up 11% since Donald Trump was elected president