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Investors regained their hopes for Trump Trade
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Loading...Stocks closed higher on Tuesday as hope around the Trump trade was renewed among investors.
The Dow Jones industrial average rose about 45 points higher with Goldman Sachs contributing the most gains.
The S&P 500 also ended higher and nearly erased the losses suffered from the biggest sell-off of the year. The index rose 0.2%.
Last Wednesday, the S&P dropped 1.62 percent on the back of fears that Trump's pro-growth agenda may be in danger. Reports that Trump allegedly tried to influence a federal investigation sent shivers down Wall Street.
Wall Street kept an eye on Trump's first trip overseas since taking office. The president met with Palestinian President Mahmoud Abbas and also met with Israeli Prime Minister Benjamin Netanyahu. The U.S. president will be in Europe for the rest of his trip.
Trump's "trip overseas is definitely helping. Not so much so because of what he's done, but because he is tied up and doesn't have time to cause problems," said Randy Frederick, vice president of trading and derivatives at Charles Schwab.
Investors also paid attention to the White House's proposed budget for next year. In it, the White House is seeking to cut federal spending by $3.6 trillion over the next 10 years.
The budget also assumes the administration will be able to lower taxes for businesses and households
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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