Trump's State of the Union address highlighted his year-one milestones, including tax reform, expanded defense budget, and stock market performance. Ben Phillips, Chief Investment Officer at EventShares, was with us to discuss how the speech could impact markets.
Stocks rebounded from a 2-day sell-off the day after President Trump delivered his speech. Phillips says his tone was more presidential, and the markets were responding positively. Phillips highlighted tax reform as a catalyst for more gains for the year ahead, saying it is a major boost to many corporations.
President Trump called on Congress for a bill that raises $1.5 billion on infrastructure. EventShares created the first-ever policy driven portfolios. Phillips gave insight into which stocks could benefit based off policies from the GOP and Democrats. Phillips also said he was concerned stocks could be hitting a top.
A majority of Americans support higher pay for auto workers who are on strike against Detroit's Big Three carmakers, although approval of the workers' other demands is more mixed, according to a poll from The Associated Press-NORC Center for Public Affairs Research.
The ongoing United Auto Workers strike expanded Thursday in a major blow to Ford as the union ordered 8700 workers to walk off the job at the automaker giant's largest plant.
