The US stock market set records yesterday and the dollar rallied against most of its leading rivals as investors gave their verdict on the package of tax cuts approved by the Senate.
The House and Senate are expected to begin a “conference” this week to resolve the differences between their respective tax bills, with the aim of allowing President Donald Trump to sign legislation before Christmas.
Mr Trump was quick to hail the potential benefits to investors of the Senate’s vote. “The stock market, I think, is going to have a very big day, based on the massive tax cuts that we’re very much in the process of getting approved,” he tweeted before the market opened.
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