April the 26th is in the books here on
Wall Street here's the New York minute
it's been a day dominated by politics
this is how the S&P 500 moved during the
day rallying on leaks that there's going
to be big tax cuts then falling after
the tax cut was actually announced and
we discovered that there were no
countervailing spending cuts to fund the
tax cut many of the market think I think
accurately that that has no chance of
flying in Congress you saw the same
trends in the bond market and yes you
can see in the dollar gains followed by
a sharp loss once we hear the news if
you look at how the highest taxed
companies which stand to benefit most
from a tax cut have fared compared to
the lowest tax this is according to
Goldman Sachs you can see that
confidence in the tax cut ripped away
quite a while ago it hasn't really
recovered two other big items of news as
you can see telecom services companies
did very well today that was because the
FCC Chairman said he wanted to do away
with net neutrality meanwhile the
Canadian dollar and particularly Mexican
pesos did very badly that's because
there's a leak that the Trump
administration wants to leave NAFTA
altogether that's the New York