Pursuits
Trump Tax Discord Boosts U.S. Retail Stocks as Financials Slump
- Retailers rally as border tax called ‘too complicated’
- S&P 500 Financials Index declines to lowest since December
This article is for subscribers only.
Another day, another stock market divided by comments from President-elect Donald Trump.
Retailers helped push the Standard & Poor’s 500 Consumer Staples Index to its biggest gain this year as Trump signaled hesitation on a border adjustment tax previously seen as detrimental to the group and said that the dollar was already “too strong.” Financial shares, which have seen their benchmark-best performance since the election threatened by speculation that tax breaks won’t arrive as expected, were on the opposite end of the rankings Tuesday, posting their biggest drop in seven months.