The market continues to rise after Trump’s surprise victory. For the second consecutive day all major US indexes hit new milestones and general market confidence is surging past expectations. Yesterday, President elect Donald Trump announced that his party administration is ready to quit the Trans-Pacific Partnership trade deal (TPP). The TPP deal involves over 12 countries and it was designed to increase economic ties with member states, removing trade tariffs and helping boosting economy. The pullout gives an opportunity to China whom is excluded from the trade pact.
Oil markets were given a major boost as Trump announced his desire to revive the energy sector, this was another reason why the market was responding positivity to his statement. The NASDAQ and DOW improved momentum and there is a bigger breakout within US stocks. The DOW has reached day highs of 19,000, NASDAQ up to 4873 and S&P surged to 2202.
Generally, all global indexes in Europe and Asia closed higher. New market highs mean there is no resistance in the charts and traders will be eager to see how far the rally can continue. The new breakthroughs will need to continue for at least a week to give stable reassurance to investors.