US Stocks Open Higher on Friday after Mnuchin Gives Tax Reform Hope

U.S. stocks were set for a slightly higher open on Friday, boosted by revived optimism over the timing of President Donald Trump’s plans for a tax overhaul, though investors remained cautious ahead of the closely watched presidential election in France.

Futures for the Dow Jones Industrial Average YMM7, +0.01%  inched 12 points higher, or 0.1%, to 20,540, while those for the S&P 500 index ESM7, +0.06%  added 2.65 points, or 0.1%, to 2,354.75. Futures for the Nasdaq-100 index NQM7, +0.10%  climbed 8.75 points, or 0.2%, to 5,451.50.

The indications of a positive open come after U.S. stocks ended higher on Thursday, buoyed by a deluge of stronger-than-expected corporate earnings reports and economic data. Comments by Treasury Secretary Steven Mnuchin, who said that President Donald Trump’s tax overhaul will be unveiled in the near future, also bolstered sentiment.

via MarketWatch

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza