Records. The dow has added about 2,800 points. Leading the way were the same things that have led since the election. Banks, industrials, materials. The question is simple. Should investors stick with what has led since the election sf in trump we trust. Yes. And i think weve been pretty steadfast on this. A couple times, the market has tried to throw us off course. All along we said we havent seen a selloff. The market doesnt give this long the sell the highs. As long as he doesnt provide specifics, the market rallies tomorrow. I dont think he thought it would be 300 dow points but here we are. As long as it stays above the level. 1 three, the transits, above 160. The s p has more room. Im not going to pretend im some raging bull because im not. I thought the s p would pop to 2,400. You have to say it. What led . Right out of the elections. What leads . Utilities, protection. Some days theyre on. Some days theyre off. If you want to participate, along the index. Be long. Pro business
Day thing. I think Health Care Works here. I think the steel stocks work. The infrastructure plays. Although banks were down today, i think it will be a one day phenomen phenomenon. You a those things, oil, emerging markets, trans ports, credit. We talked about high yield. All of these things, which over the last three days have put in a bounce at least a very, very important support level. Now these are trades that continue. Em is at 18month highs. People thought wasnt going to get through post election. Was todays sessions a turning point . People believe there is some synchronized global growth. In the case of emerging markets, a softer fed will always work and i think in terms of credit, a softer fed will work with growth. So i was a little surprised by how strong the markets reaction was. It was so forecasted precisely. The smartest thing i heard about why thats so was from pete in the green room. People like affirmation. Yes, you like me. They were doing his hair. And he had time
But first, President Trumps budget blueprint lays out a major shift in Government Spending impacting a number of different industry groups. Lets get to john hard wood for the details. President trump called it an America First budget. And Mick Mulvaney said it was a hard power budget. And here is the key trump budget trade. In his 54 million more in spending on National Security programs, 54 less in domestic. Pentagon, 10 increase. Lesser increases for homeland security, that includes money for the wall, good for construction. Of course the Pentagon Spending is good for defense contractors. And also for the v. A. You look at what was cut. Epa cut 31 . Not good for Green Energy Companies among other things. You had a cut of 28 in the state department. Youve got cuts of 21 in agriculture. 18 in nih, some medical stocks or Health Stocks went down on that news today. As well as cuts in the commerce department. Now, what is the likelihood that this will be enacted . Not very much at all. Wh
Stand for the first time discuss the connection between russia and the election. Eamon . For the first time today fbi director james comey said there is in fact a Law Enforcement investigation into russian meddling in the 2016er campaign into whether or not there was any coordination by anybody inside the Trump Campaign with that russian meddling. Heres what the fbi director had to say earlier today. Our expert investigators will conclude that work as quickly as they can but they will always do it well no matter how long that takes. I can promise you, we will follow the facts wherever they lead. We also had nsa director mike rodgers testifying on capitol hill. He did his best to squash this suggestion that donald trump had made over twitter that president obama had had trump wire attempted. And then the suggestion sean spicer made from the podium that somehow the British Intelligence service might have been involved in that. Heres what admiral rogers said today. Our relationship with B
This week. He is meeting at the white house with moderate republicans after addressing the entire republican conference here on capitol hill for the very First Time Since inauguration. Er to sell on behalf of the house leadership this American Health care act set to go to vote on thursday. Ramping up pressure on individual lawmakers who oppose it like congressman mark meadows from the House Freedom caucus and who said many still oppose the boil ideological grounds. The president s pressure notwithstanding. The president and i know each other well and i have nothing but the utmost respect for his willingness and ability to close the deal. This is what hes done all of his life and who am i to challenge those tactics . There does appear to be enough opposition from within that House Freedom caulk to us block the bill, opponents still seem to be making room for an 11th hour deal to happen. I ran into mark sanford. Ed emhe is not there yet. And congressman brooks when asked if he thought th