“The Dow Jones Industrial Average, S&P 500 and Nasdaq all scored new record closes on Thursday, Jan. 11, as Wall Street got a boost from some of its biggest industrial and energy names,” Joseph Woelfel reports for TheStreet. “The Dow jumped 205 points, or 0.81%. The blue-chip index was led by Chevron Corp., up 3%, General Electric Co., which rose 0.5%, Caterpillar Inc., which gained 2%, and Boeing Co., up 2.4%. The S&P 500 gained 0.70%, and the Nasdaq also rose 0.81%. Apple Inc. shares rose 0.5%.”
“Global bond markets steadied on Thursday after officials in China dismissed a report that suggested it could slow or even halt its future purchases of U.S. government debt as ‘fake news,'” Woelfel reports.
“”Walmart Stores Inc. said Thursday it would pay a one-time bonus to its U.S. workforce and boost its minimum wage to $11 an hour following last year’s overhaul of U.S. corporate taxes,” Woelfel reports. “The wage boost will take effect on Feb. 17, the company said, and will add $300 million to its 2018 budget while the bonuses of up to $1,000 paid to ‘eligible associates’ in the U.S. with at least 20 years’ service will add an additional $400 million to costs over the company’s fiscal year, which ends on Jan. 31, Walmart said.”
Great news, as a result of our TAX CUTS & JOBS ACT! pic.twitter.com/SLvhLxP3Jl
— Donald J. Trump (@realDonaldTrump) January 11, 2018
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“Economists surveyed by The Wall Street Journal say President Donald Trump has had generally positive effects on U.S. economic growth, hiring and the performance of the stock market during his first year in office,” Ben Leubsdorf reports for The Wall Street Journal. “The professional forecasters also predicted 2018 would see solid growth and a continued decline in the jobless rate. One factor: the tax cuts signed into law by Mr. Trump in December, which most economists say will boost the economy for several years at least.”
“More broadly, most forecasters surveyed by the Journal suggested Mr. Trump’s election deserves at least some credit for the economy’s recent strength,” Leubsdorf reports.
“Asked to rate Mr. Trump’s policies and actions to date, a majority of economists said he had been somewhat or strongly positive for job creation, gross domestic product growth and the stock market. Most also said he had been either neutral or positive for the country’s long-term growth trajectory, while his influence on financial stability was seen as largely neutral,” Leubsdorf reports. “‘There is definitely a sense in the business community that the president’s actions on taxes and regulations have led to a more pro-growth environment for them to operate,’ said Chad Moutray, chief economist at the National Association of Manufacturers.”
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MacDailyNews Take: A strong economy bodes well for Apple and everyone else as a rising tide lifts all boats!
SEE ALSO:
S&P 500 and Nasdaq rise to records on first trading day of 2018 – January 2, 2018
U.S. employment jumps more than expected in November, boosts U.S. stocks – December 8, 2017
Goldman Sachs sees U.S. unemployment rate hitting lowest level since the late-1960s – November 20, 2017
American consumer confidence soars to highest level since December 2000 – October 31, 2017
U.S. jobless claims plunge to lowest level since 1973 – October 19, 2017
U.S. economy picks up steam; second-quarter GDP up 3.0% reflecting robust consumer spending and strong business investment – August 30, 2017
U.S. consumer confidence shows Americans upbeat on jobs, economy – July 25, 2017