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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Oct 20, 2017
Dollar and US stocks soar on Trump's tax plan

Senate approves a budget vehicle for tax cuts

 

The dollar jumped and US shares scored a 6th weekly gain as bets that Donald Trump will be able to pull of his tax cuts, after the Senate approved a budget vehicle for them. All major US indices hit record highs.

 

Here’s what caught our eye among stocks:

S&P 500 gained 0.5% at the close of trading in New York.

Stoxx Europe 600 Index added 0.3%.

Nikkei 225 Stock Average increased less than 0.05% to the highest in about 21 years.

MSCI Emerging Markets added 0.2%.

 

Massive moves among currencies, led by the greenback:

The dollar added 0.6%.

The euro crumbled by 0.7% to $1.1774.

The pound added 0.2% to $1.3185.

The yen slumped 0.9% to 113.52 per dollar, the weakest in 14 weeks.

 

Haven commodities were on the retreat this time, being chased by the bullish oil:

WTI crude added 0.4% to $51.47 a barrel.

Gold slumped 0.7% to $1,281.52 an ounce.

Copper barely changed at $3.168 a pound.