The Outlook for Tax Reform Pushes Markets Higher

The S&P 500 made it six straight weeks of gains with a 0.9 percent rise last week. More than half of the increase came on Friday after the Senate passed the budget resolution that moved Congress a step closer to delivering on tax reform. There is a long way yet to go, and there is no assurance that something meaningful will ultimately pass. But the odds have now increased, as one more procedural hurdle has been cleared. The view that tax reform had already been priced into the market was dispelled by Friday’s price action.


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