U.S. equities rose on Wednesday after a series of executive orders from President Donald Trump increased bullish sentiment on Wall Street.
“Traders have been waiting for more details on infrastructure spending and now they have it in a very clear format,” said Naeem Aslam, chief market analyst at Think Markets. “There is nothing bigger than this.”
On Tuesday, President Trump signed executive orders that will make it easier for TransCanada to build the Keystone XL pipeline and for Energy Transfer Partners to build the final uncompleted portion of the Dakota Access pipeline. The orders helped lift the materials sector to a 2.5 percent gain Tuesday.
“There’s no question that some of the executive orders he’s signed are good, especially deregulations,” said Peter Cardillo, chief market economist at First Standard Financial. “Anything else should be seen as a question mark. We don’t know what a wall on the Mexican border would mean for Nafta.”