U.S. stocks higher; investors eye Trump policy, shake off U.K. attack
Wall Street moved higher on Tuesday, looking past a terrorist attack in the U.K. and focusing on details of U.S. President Donald Trump’s plans for the country’s budget and developments surrounding the tax reform plan.
At 12:12PM ET (16:12GMT), the Dow Jones gained 49 points, or 0.23%, the S&P 500 rose 7 points, or 0.28%, while the Nasdaq Composite traded up 9 points, or 0.15%.
European markets appeared to take the deadly suicide bombing at the end of an Ariana Grande concert in Manchester in stride.
Responsibility for the attack, that killed 22 people and injured more than 50, was later claimed by ISIS.
Market impact was initially noted in the pound, as sterling traded lower against the yen, euro and dollar, only to recover later in the session.
European equities showed resilience, ending their session in the black on Tuesday with the exception of London’s FTSE 100 that closed down 0.1%.
With President Trump traveling overseas in a series of meetings with leaders from the Middle East and Europe, politics caused few ripples for markets on Tuesday.
Market players perused Trump’s budget proposal that would seek to slash social welfare spending in order to balance the nation’s expenses, but it’s presentation appeared to be taken as a non-event as Congress has the final word over federal purse strings.