Daily Market Review - Dec. 18

Gold Price increased to $1,260.90 (+0.15%) per ounce, Silver Price $16.15 (+0.10%), Platinum Price $911.20 (+0.20%), Palladium Price 1026.00 (+0.12%), Dow Jones index 24,651.74 (0.58% increase).

Here is a new week ahead with the stock market in its record highs today with expectations that a U.S. tax bill could soon pass.

Top U.S. Republicans announced on Sunday they expected Congress to pass the tax code overhaul this week. With little in the way of major economic data this week, the tax bill was likely to remain in focus for stock market investors.

The US house of representatives is expected to vote on tax reforms on Tuesday and then the Senate later in the week. If it’s approved, the President should make it law by Christmas.

U.S. Dollar vs Precious metals

The US Dollar looks stable on Monday, supported by optimism on Congress getting closer to passing the planned tax cuts. Gold price is trading higher on Monday, also supported by the expectations for the tax system in the United States moved a step closer to ratification.

Among other precious metals: all major precious metals increased today.

Stock Market Today

U.S. stocks on Monday opened higher S&P 500 2675.81 (+0.11%) and NASDAQ Index 6936.58 (+1.17%), Dow Jones Industrial Average 24651.74 (+0.58%). With stocks at record highs, investors will keep their focus on tax reform and the final outcomes for the last trading weeks of the year. 

The US Congress is expected to vote as early as Tuesday on a new tax plan that would cut the federal corporate tax rate to 21 percent from 35 percent.  

Wall Street also will get a bunch of corporate news on Monday. Bitcoin price is $18,865 at the moment of writing. 

Market traders consider the cryptocurrency price is moving towards $20,000 at the end of the year.

Economic data for this week: NAHB homebuilders index (Monday), Housing starts, Building permits, Current account deficit (Tuesday), Existing Home Sales (Wednesday), Weekly Jobless claims, GDP revision, Philly Fed, Leading Indicators (Thursday), Durable Goods Orders, Personal Income, Consumer Spending, Core inflation, New Home Sales, Consumer Sentiment (Friday).  

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All market review articles are provided as a third-party analysis and do not necessarily match the views of Bullion Exchanges and should not be considered as financial advice in any way.