In a new interview, he said market bulls are now essentially making a “binary bet on Trump and nothing else.” This plan will help the market if and only if it is passed by Congress, Schlossberg said. “If he doesn’t get anything done, I think you’re going to see a massive sell-off.” A significant amount of the market’s run since the election has to do with Trump and his agenda, Eddy Elfenbein, editor of the Crossing Wall Street blog, commented Wednesday. So the long case is really investing a lot

Tax reform appears just around the corner, potentially breathing new life into share buybacks and the companies that do them. Wall Street generally remains confident that a plan that passes Congress will include a cut in the tax rate for repatriation of profits — overseas earnings brought back to the U.S. — despite no mention of a specific rate in the Wednesday announcement of the Trump administration’s plan. The handout from the administration just read, “one-time tax on trillions of dollars he

They should not fear the stock market. Life’s financial challenges will eventually lure Millennials into the stock market, some market professionals say. “I don’t think Millennials will ever trust the stock market,” he says. Some Wall Street pros insist Millennials need the market more than the market needs them. On the other hand, Wall Street firms need Millennials’ cash to grow their own businesses through fees and commissions.

The Class of 2017 could be poised for a great financial start in the workplace — especially if they’re prepared to negotiate. Not only are hiring projections improved for this year; salary expectations are better, too. Half of employers plan to offer graduates higher pay compared to last year, according to a new survey from CareerBuilder. Nearly four in 10 companies expect to pay a starting salary of $50,000 or more, versus 27 percent which did last year. CareerBuilder polled 2,380 hiring manage

Millennials need to think of themselves as Generation Invest. Start investing, nowMillennials have a lot on their plates. All millennials need to do is commit to starting small and growing from there. Your piggy bank may be gathering dust in your parents’ basement but the lesson is still there. It’s a put it on the plastic world but when you use cash, take the change and immediately drop it into your piggy bank (or whatever your modern version of a piggy bank is).

President Donald Trump’s plan to roll back taxes in the hope that doing so will generate robust economic growth with little impact on debt and deficits is “absurd,” former Treasury Secretary and White House economic advisor Larry Summers said. In fact, Summers added in an interview with CNBC, that had he been asked to present such a plan with the notion that it would pay for itself, he would have refused. Summers served as head of the Treasury during the Bill Clinton administration and as senior

Ed Garden, Trian Partners CIO and co-founder said a huge shift has happened with public equity markets because stock “owners are acting like owners” and becoming more involved with how companies manage their business. “Public shareowners felt like if they didn’t like what was happening at a company, their only option was to sell.” Garden said the shift occurred as private equity firms have started to take bigger stakes in different companies, causing a transfer of wealth from public shareowners

The Ex-Im Bank is just one case in which Trump appeared to take feedback from CEOs into his policy decisions. After meeting with pharmaceutical executives Trump dropped his support for a plan backed by Democrats that would let Medicare negotiate bulk discounts for prescription drugs. Trump’s administration is in the process of making other major policy choices with corporate executives lobbying one way or another. He told CNBC’s “Squawk on the Street” Thursday that he is “pleased to see” the pol

Economists may be overestimating the growth boost President Donald Trump is giving the economy. The index rises when economic reports, like jobs, retail sales and consumer confidence are better than expected. Pearkes said there are also other factors at work, like the impact of energy prices on the economic data, but Trump was certainly a big one. Once he won, the sharp jump in upside surprises, from things like consumer confidence, helped drive the surprise index higher. The Citi economists ill

IEA’s analysis finds:Oil discoveries totaled 2.4 billion barrels in 2016, versus the average of 9 billion barrels in the last 15 years. Energy companies sanctioned 4.7 billion barrels of conventional oil resources for development, down 30 percent from 2015. Last year, just 13 percent of conventional oil projects that got the go-ahead were offshore. Those figures do not bode well for President Donald Trump’s goal of increasing offshore drilling in the U.S. He is expected to sign an executive orde

Bitcoin surged to a new all-time high Thursday, capping a run of more than 20 percent in April, as investors bet that an ETF based on the digital currency was back on the table. Bitcoin rose as much as 3 percent to a record high of of $1,331.31, according to the CoinDesk Bitcoin Price Index. What would change my mind is if the ETF or SEC only traded Bitcoin on regulated exchanges.” The digital currency, which was $1,079.75 at the end of March, is up 23 percent in April through Thursday. Bitcoin

The White House just outlined its tax plan. Here’s what’s in it Wednesday, 26 Apr 2017 | 3:28 PM ET | 01:11President Donald Trump’s new proposal to reform the tax code may be the biggest tax cut for individuals since the Reagan administration, but it’s also just one page long. “It has less detail than the plan released by the Trump campaign,” said Scott Greenberg, an analyst at the Center for Federal Tax Policy at the Tax Foundation. Here’s what we know:

The White House said Thursday that President Donald Trump’s tax plan will not affect 401(k) contributions, after it created confusion that it could eliminate a deduction for participants in the plans. The White House proposed to remove nearly all tax deductions, including those at the state and local level. During his daily briefing Thursday, press secretary Sean Spicer was asked if Trump’s plan would affect 401(k) contributors. After the briefing, the White House said Trump’s plan would not, in

United Airlines has settled with Dr. David Dao after he was dragged off a flight earlier this month. Dao was a passenger on Flight 3411 from Chicago to Louisville, which was overbooked. He and other passengers were offered $800 to give up their seats for United crew members. The airline said it will now offer up to $10,000 to customers who volunteer to give up their seats on an overbooked flight. United should be applauded “for this acceptance of corporate accountability,” said Thomas Demetrio,

U.S. stocks closed higher Thursday ahead of major tech company earnings. The Dow Jones industrial average and the S&P 500 struggled to hold opening gains, while the tech-heavy Nasdaq composite closed at a record high. Ahead of the open, NBCUniversal parent Comcast reported better-than-expected quarterly profit of 53 cents per share and revenue also above forecasts. “Incremental demand from emerging markets would be necessary to more substantially drive down inventory levels.” “It’s policy grabbi

Wall Street is increasingly optimistic a version of tax reform will eventually pass after President Donald Trump’s administration announced its latest tax-cut proposal. White House officials revealed on Wednesday Trump’s plan for large tax cuts for repatriated offshore corporate profits and a reduction of the corporate tax rate to 15 percent from 35 percent. Below is a summary of what Wall Street firms are now telling clients Trump’s tax-plan announcement means. Goldman SachsGoldman’s Alec Phill

The S&P 500 has rallied 5.5 percent since Donald Trump’s inauguration, putting the market on track for its third-best performance during a president’s first 100 days since World War II, according to CFRA analysis. The U.S. hasn’t had a post-inauguration gain this large since President George H.W. Bush’s early days, when the market rallied 7.7 percent. The post-World War II crown for best market gain, however, goes to John F. Kennedy. During his first 100 days, the market jumped 9 percent.

Twitter chief executive Jack Dorsey admitted that the company did not make good headway on tackling abuse on its platform last year, but a “different mindset” has helped the technology firm to make “phenomenal” progress in 2017. The Twitter co-founder spoke to technology publication Backchannel in an interview published Wednesday about trolling on the site. Leslie Jones, one of the stars of the movie “Ghostbusters,” was inundated with racist and misogynistic comments on Twitter last year, prompt

Facebook and Google were the victims of an elaborate $100 million phishing attack, according to a Fortune report, with employees at both companies tricked into sending money to overseas bank accounts. Before getting caught, Rimasauskas allegedly received a total of $100 million in transfers from both Google and Facebook. Neither company reported the losses to the SEC as a ‘material event’, Fortune reported. Facebook told CNBC, the company “recovered the bulk of the funds shortly after the incide

Reebok has found a way to mock luxury department store chain Nordstrom for selling a $425 pair of mud-caked jeans. On Wednesday, the athletic footwear and apparel company’s website said it was selling a $425 “Reebok Authentic Sweat Shirt,” with “actual stains that will last forever (do not wash).” Nordstrom received its fair share of criticism earlier in the week, for — literally — selling a pair of muddy jeans for such a high price. The department store was criticized in 2016 for selling rocks