Investing.com – Take a peek at the top 5 things that rocked U.S. markets this week.
US stocks posted weekly gains
The Dow, S&P 500 and Nasdaq ended the week in positive territory, despite a week of mixed corporate earnings results.
Shares of Goldman Sachs Group Inc (NYSE:GS) sank more than 5% on Tuesday, after the investment bank reported first-quarter earnings that missed on the top and bottom lines.
President Trump talked up tax reform plan
U.S. President Donald Trump said Friday, he will unveil a tax plan next week that includes a “massive tax cut” for individuals and businesses.
President Trump appeared reluctant to elaborate on the plan but insisted that the tax cuts will be “bigger I believe than any tax cut ever” and said the tax reform packaged would be unveiled on “Wednesday [April 26] or shortly thereafter”.
Gold snapped a five-week win streak
Gold prices snapped a five-week win streak, despite uncertainty surrounding the outcome of the French presidential election, scheduled for Sunday, April 23.
According to polls of voting intentions, centrist candidate Emmanuel Macron would garner 23% of the vote while Marine Le pen would garner 22%.
Oil prices slid more than 6% for the week
Crude futures recorded a 6% loss for the week, as fears that rising levels of U.S. oil production would weigh on OPEC’s efforts to rein in supply resumed this week, after the Energy Information Administration (EIA) released a bearish outlook on U.S. production.
The EIA’s monthly Drilling Productivity report showed U.S. shale production was set to rise to 5.19 million barrels a day in May.
Sterling rose to six-month against the dollar
GBP/USD hit a six-month high on Wednesday, buoyed by expectations that UK Prime Minister would comfortably increase her parliamentary majority in the general election, after the British Parliament approved May’s call for an early election.