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U.S. President Donald Trump said on Saturday that he will ask the Republican-controlled Congress to further speed up its efforts to overhaul the U.S. tax code, citing the potential impact of Hurricane Irma as a reason to hasten reforms.
^^^ +3 … thank you for excellent insight for coming week ahead … DOW futures were up over 100 points
relief rally for 2 reasons
Irma not “as bad” as expected and clearly the Fed the will not be raising rates any time soonHurricane Harvey probably shaved 1% from third-quarter growth, Goldman Sachs says
Costs from the storm, which hammered Texas last month, will eclipse those associated with 2012’s Hurricane Sandy, the bank’s analysts wrote in a research note. Using a model that examined the 35 largest hurricanes to strike the U.S. in the aftermath of World War II, Goldman found that major natural disasters correlated closely with a “temporary slowdown” in key economic gauges.
“Modeling these effects, we estimate that hurricane-related disruptions could reduce 3Q GDP growth by as much as 1 percentage point,” Goldman’s analysts wrote, adding that the main impact would be felt in consumer spending, business inventories, housing and the energy sectors.
At the close
Dow +1.18% to 22,055.19. S&P +1.08% to 2,487.92. Nasdaq +1.13% to 6,432.74.
Treasurys: 30-year -1%. 10-yr -0.49%. 5-yr -0.3%.
Commodities: Crude +1.16% to $48.03. Gold -1.46% to $1,331.50.
Currencies: Euro -0.69% vs. dollar. Yen +1.5%. Pound +0.22%.Am back on board – have set up new lines for trading – office and house wrecked – rebuild will be about 9 mths builders estimate 🙁
Glad all are well and come back to ATH across the board – I guess the world is all good!
YAY – welcome back as that is answer to prayers (and hope to hear from Clem and “the boss” in the future) … however, the home/office impacts are bad news also — so we do hope for the best for you & family in days ahead (I hope both GOVT & insurance can help with restoration) …
The boss should be back soon – he was in the area that got hit when they opened up the reservoirs. There are a few items he’s sent me to edit which I will get onto. Only real trades of note are covered the long term $USDJPY short yesterday after it hit the KnovaWave targets and reversed on Irma being not as bad. Was idle for two weeks – didn’t want to send in orders trading blind
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