On the morning of April 12 U.S. Senator Ben Sasse said that Trump had directed chief economic advisor Larry Kudlow and U.S. trade representative Robert Lighthizer to look into re-joining the Trans-Pacific Partnership (TPP). If the comments from Sasse are accurate, it would represent a stunning about-face for President Trump who ferociously campaigned against the TPP in 2016 U.S. election.
Goldman Sachs Group Inc. (NYSE:GS) stock was up 2.37% towards the end of the noon hour on April 12. There was concern after Goldman Sachs veteran and former chief economic advisor Gary Cohn departed the White House that the protectionist wing had gained the upper hand. Although the U.S. and China have engaged in a trade spat, this recent news and even progress with NAFTA may alleviate that concern among investors.
JPMorgan Chase & Co. (NYSE:JPM) stock was up 2.59% in early afternoon trading on April 12. The bank is set to release its first quarter results before the market opens on Friday. Shares have climbed 3.4% in 2018 thus far in spite of increased volatility in U.S. stocks. Both Goldman Sachs and JPMorgan Chase are expected to receive a significant boon from tax reform going forward.
All three major U.S. indexes were up over 1% on news that trade policy may again be easing. With a rebound potentially on the horizon U.S. bank stocks should be on investors radar going forward.
