“U.S. equities kicked off the week trading higher on Monday, unfazed by a key vote in Italy which led to Prime Minister Matteo Renzi’s resignation,” Fred Imbert reports for CNBC. “The Dow Jones industrial average gained around 50 points, after spiking more than 100 to hit a new record high, with Goldman Sachs contributing the most gains. The S&P 500 advanced 0.51 percent, with energy rising more than 1.3 percent to lead advancers. The Nasdaq composite outperformed, trading 0.85 percent higher.”
“Stocks have been on a rip-roaring rally since the U.S. election, with the three large-cap indexes rising more than 2 percent,” Imbert reports. “Renzi said he would step down after being defeated in a referendum regarding his plan to overhaul the Italian constitution. Renzi said voters had shown a ‘clear’ rejection of legislative reform measures and that he would meet with his cabinet on Monday and then hand in his resignation to the President Sergio Mattarella, taking full responsibility for the defeat. The reforms would have made it so that the executive branch needs approval only from parliament’s lower house in order to pass laws. Legislation is a slow, arduous process in Italy, where there are a high number of lawmakers relative to the population, and where the two houses of parliament essentially have the same, duplicate powers.”
Imbert reports, “Market watchers also eyed news from the incoming presidential administration, after President-elect Donald Trump threatened payback for U.S. firms that moved abroad.”
Read more in the full article here.
MacDailyNews Take: Apple brass, like everyone else, are in total “wait and see” mode.
SEE ALSO:
Silicon Valley chiefs frozen out of President Trump’s White House – December 3, 2016
Goldman Sachs: Trump presidency will benefit stocks in nearly every sector – November 30, 2016
Apple: The Trump Effect – November 29, 2016
President-elect Trump tells Apple CEO Tim Cook that he’d like to see Apple make products in the U.S. – November 23, 2016
President-elect Trump says Apple CEO Tim Cook called him after election victory – November 22, 2016
Under President Trump, Obama ally Google may face policy setbacks, including roll back of so-called ‘net neutrality’ rules – November 18, 2016
Apple could make iPhones in the U.S.A. under President Trump, sources say – November 17, 2016
What Apple could look like under President Trump – November 15, 2016
Just like Steve Jobs, president-elect Trump to take just $1 in annual salary – November 14, 2016
Morgan Stanley: Apple stands to benefit the most from President Trump’s corporate tax plans – November 11, 2016
Apple CEO Tim Cook smartly maintained ties to GOP ahead of Trump victory – November 9, 2016
Silicon Valley donated 60 times more to Clinton than to Trump – November 7, 2016
Apple CEO Tim Cook and the rest of Silicon Valley throw big money at Clinton and pretty much bupkis at Trump – August 23, 2016
Apple CEO Tim Cook presses for U.S. corporate tax reform, says no repatriation without fair rate – August 15, 2016
Don’t ask Trump, ask Paul Ryan. All taxes and spending originate in the House and he holds the keys.
MDN — While this article is news, please return to the regularly scheduled program: Apple news! If I want non-Apple related economic news, there are plenty of other outlets I can use.
The stock market is excited at the prospect of the present their new president will give them…war.
All the oldboy parasite stocks are up.
Bullish market today, except our darling AAPL is BEARISH!.
Sighs!…..
What is there to be bullish about Apple all they do is make a phone.
For the plutocrats this will be a relatively short bong-toking, beer guzzling binge party, good times will be had for… a few people. Then this country will wake up with a splitting headache hangover and there’ll be the crash, the big one that will make the equally Republican-driven Bush catastrophe look tame. Just remember: since Reagan this country has done much poorer economically under Republican presidents than with Democratic. Some day, we can only hope, this country will learn its lesson…
Nice to see Apple stock climbing as well…oops, never mind.
All the big powerful men in Washington DC decided outsourcing companies for more profits. Now they changed their minds, they wanted insourcing. Only small little people are suffering here. Sighs!!!!.
Nice to see MDN recognize the stock market as a meaningful measure of presidential impact.
And quite I’m sure that MDN must be extremely impressed with the DOW’s growth under Obama.
Jan 1 2009 DOW = 8000
Oct 31 2016 DOW = 19124
That’s an increase of 240%
Makes the recent changes look rather like noise.
Another error of mine:
I meant “I’m quite sure”
NOT “Quite I’m sure”
🙁
Correction, I should have said:
On Oct 31st 2016 the DOW reached 240% of what it was when Obama took office.
Based on policy statements, administration hires, and Paul Ryan led congress, three things are guaranteed under a Trump presidency…
1. By 2021 US economy will crater, costing millions of jobs.
2. A massive financial system bail out will be required AGAIN.
3. The US will enter a war that will ultimately be a poor strategic move as pre war arguments are shown to be false. A regime is toppled, in the vacuum, more terrorists.
Wash. Rinse. Repeat.
Rally, what rally?