Market Update 02-03-17

Wall Street again hit new records yesterday. Bank stocks helped lift the Dow Jones Industrial Average above 21,000 for the first time and the S&P 500 also hit record highs reaching 2,398.96.
In President Donald Trump’s speech yesterday, he pledged to deliver massive tax relief to the middle class and corporate tax cuts, spend heavily on infrastructure and to ease regulations. However, he failed to deliver on how the administration plans to pay for its promises.
Comments from Federal officials, William Dudley and John Williams helped lift the U.S dollar and significantly increased the probability of a rate hike later this month. This helped weaken the New Zealand but the Australian dollar continue to go up despite the U.S dollar moving higher. And our Fijian dollar weakened against the U.S dollar today.

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