Trump vows 'phenomenal' tax announcement

Wall Street's three main indexes have hit record highs after US President Donald Trump said he would make a major tax announcement in a few weeks.

"Stocks got an upward lift from reported comments from US President Trump in the afternoon session that he would have something phenomenal on tax in the next two to three weeks", said market analyst Michael Hewson at CMC Markets.

Dow Jones Industrial futures climbed 34 points, S&P 500 futures also rose 2.95 points and Nasdaq-100 futures jumped 7.25 points, while overall energy and financial stocks led major USA indexes to recorded closes Thursday, MarketWatch reported.

White House spokesman Sean Spicer later told reporters that Trump would unveil a comprehensive tax plan including tax cuts for individuals as well as businesses. "We're going to get some sort of boost".

Trump also said that he plans to defend the airline industry and roll back regulations during his meeting.

The benchmark S&P 500 has rallied 7.9 percent since Trump's November 8 election amid expectations he will lower corporate taxes, reduce regulations and increase infrastructure spending.

"While we may not be meeting everyone's growth expectations, there's one thing that continues to grow and outpace our peers: Twitter's influence and impact", chief executive Jack Dorsey said in a conference call Thursday.

On the data front, the United States import price index rose to 0.4% in December from 0.5% the previous month which was revised up from 0.4%.

The blue chip FTSE 100 index was up 0.5 per cent at 7,221.77 points at the market close, underperforming the pan-European STOXX 600 index.




"Lowering the overall tax burden on American business is big league ... that's coming along very well".

USA import prices in January rose 0.4%, more than economists had expected.

Eight of the 11 major S&P sectors were higher.

French 10-year government bond yields fell below 1.0 percent for the first time in two weeks.

The U.S. stock market posted historic gains in the month after Trump won the election.

The TSX climbed 63 points on Thursday, led higher by energy stocks.

West Texas Intermediate crude settled up 1.6% to $53.86 a barrel on Friday.

Gold slipped on Thursday from a three-month high in the previous session after robust USA economic data pointed to a stronger economy, increasing the likelihood that the Federal Reserve will raise US interest rates.

Gold sank 1.19 per cent on a firmer dollar and as the latest bullish U.S. economic data fuelled rate hike expectations.

 
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