Current location:Worldly Window news portal > business
U.S. stocks post weekly gains amid tax bill, data
Worldly Window news portal2024-05-22 01:32:21【business】8People have gathered around
IntroductionU.S. stocks wavered and posted gains for the week, as investors mainly focused on tax legislation pr
U.S. stocks wavered and posted gains for the week, as investors mainly focused on tax legislation progress and newly-released economic data.
U.S. President Donald Trump on Friday signed a 1.5-trillion-dollar tax cut bill into law, as well as a spending bill to keep the federal government running through Jan. 19, 2018.
The U.S. Congress this week passed the tax bill along party line, with no Democrats voting for it.
At the signing ceremony, Trump called it "a bill for the middle class and a bill for jobs," adding that "corporations are literally going wild."
"By cutting taxes and reforming the broken system, we are now pouring rocket fuel into the engine of our economy," Trump said Wednesday in a statement after the final congressional passage of the tax legislation.
The tax bill, the sweeping rewrite of U.S. tax law since 1986, would cut the corporate income tax rate to 21 percent from the current 35 percent and lower individual income rates.
Some companies said they would spend the savings from lower corporate taxes on higher wages and new construction.
"The tax cuts should help, especially if companies follow AT&T and Comcast's lead paying tax-cut related employee bonuses, and investing in U.S. networks. Or Wells Fargo and Fifth Third's example by raising employee minimum wages," said Chris Low, chief economist at FTN Financial, in a note.
Investors were optimistic about this, as they bet that lower taxes would boost companies' earnings.
"All this as optimism piles upon optimism. Like the proposed tax plan or not, there is no denying that what appears before us is incredibly friendly toward business, and that changing environment is not lost on the investing public," said Stephen Guilfoyle, president of Sarge986 LLC.
On the economic front, U.S. personal income in November increased 54 billion U.S. dollars, or 0.3 percent, lower than market consensus of 0.4 percent, according to the Commerce Department Friday.
In November, disposable personal income increased 50.9 billion dollars, or 0.4 percent, and personal consumption expenditures (PCE) increased 87.1 billion dollars, or 0.6 percent.
U.S. new orders for manufactured durable goods in November increased 3.1 billion dollars or 1.3 percent to 241.2 billion dollars, missing market projection of a 2-percent gain, the Commerce Department announced in another report.
U.S. real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the third quarter of 2017, according to the "third" estimate released by the Commerce Department on Thursday. In the second quarter, real GDP increased 3.1 percent.
"Third quarter GDP was close enough in this final revision for investors to move on to thinking about Q4 and 2018," said Low.
U.S. existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years, according to the National Association of Realtors Wednesday.
U.S. total existing-home sales jumped 5.6 percent to a seasonally adjusted annual rate of 5.81 million in November from an upwardly revised 5.50 million in October.
U.S. privately-owned housing starts in November were at a seasonally adjusted annual rate of 1.297 million units, the Commerce Department reported Tuesday.
This is 3.3 percent above the revised October estimate of 1.256 million and 12.9 percent above the November 2016 rate of 1.149 million.
In corporate news, shares of Apple fell more than 1 percent on Tuesday, after Nomura Instinet downgraded the tech giant's stock from buy to neutral.
Address of this article:http://www.camilleandconfettis.com/article-47a899908.html
Very good!(66131)
Related articles
- Rishi Sunak to apologise for worst treatment disaster in NHS history
- Lawmakers in Serbia elect new government with pro
- Midea reports 10% revenue increase in Q1
- 6 new plant species discovered in China's Guangxi
- California congressman urges closer consultation with tribes on offshore wind
- Dozens of pro
- Chinese projects in Philippines yield tangible results, benefit locals
- Russia is violating UN limits on petroleum shipments to North Korea, the White House says
- My fiancé died on the morning of our wedding day
- Dozens of pro
Popular articles
- Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
- Prompt admission of Palestine into UN is a move to rectify historical injustice: Chinese FM
- Farmer who demolished a 17th century Grade II listed dovecote without permission is fined £45,000
- Chinese embassy urges US, UK and Australia to stop forming exclusionary blocs
Recommended
Who is Jacob Zuma, the former South African president disqualified from next week's election?
Soccer jersey dispute between Algeria and Morocco clubs over Western Sahara goes to sports court
Rwanda marks Int'l Labor Day with emphasis on youth digital skills promotion
6 new plant species discovered in China's Guangxi
Rays opening day starter Zach Eflin placed on 15
PSG defender Hernandez needs surgery after rupturing ACL and set to miss Euro 2024
Iran condemns sanctions by US, Britain, Canada
NHL players are refining the art of the bank shot via ricochet off the masks of the goaltenders
Links
- NFL draft: Top defensive players on the board
- NFL draft: Top defensive players on the board
- Ozuna homers, Arcia's RBI in 10th lifts Braves to 5
- Tip leads to arrest in cold case killing of off
- 9 facing charges in what Canada police say is biggest gold theft in country's history
- Skeletal remains found at home in Illinois identified as those of woman missing since 2008
- Dubai rain: Why experts don't think cloud seeding played a role
- No, immigrants did not storm New York City Hall in pursuit of luxury hotel rooms
- Kentucky spokeswoman: School is 'distressed' to hear of alleged sexual misconduct by ex
- Appeals court leaves temporary hold on New Jersey's county line primary ballot design in place