WEB Notes: Do you see how the market is manipulated and based on emotion? No bill was passed and it certainly does not seem to be a serious tax cut more like increase. Yet, the markets were up! Cause for celebration. Of course, had the bill failed the market would have taken a dip. The emotion of the people and their assumptions are this is good for the economy, that remains to be seen, but in the meantime it means stocks will continue to rise.
U.S. stock index futures pointed to a strong positive open on Monday, as sentiment was boosted by news that the U.S. Senate narrowly passed a major tax bill over the weekend.
Dow Jones industrial average futures gained 222 points, while S&P 500 and Nasdaq 100 futures jumped 16 points and 27.75 points, respectively.
In the early hours of Saturday morning, Senate Republicans managed to narrowly pass a bill to revamp the country’s tax system. The final vote came out as 51-49 in favor, after Republicans had to rework the bill late on Thursday.
The GOP however still need to overcome future obstacles in order for the Senate and the House to craft a joint bill, which will then be presented to President Donald Trump. Republicans hope a deal will be achieved by Christmas.