Wednesday, 24 May 2017

Wall Street edges higher as investors assess Trump's budget

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Wall Street edged higher on Tuesday as investors digested President Donald Trump's budget plan, but a drop in consumer discretionary stocks offset a boost from the financial sector.

While Tuesday's economic data was weak, investors appeared relieved that President Donald Trump's first full budget plan was largely as expected.

Trump's budget called for a hike in infrastructure and military spending, along with a raft of politically sensitive cuts, including to healthcare and food assistance programs for the poor, with the aim of chopping government spending by USD 3.6 trillion and balancing the budget over the next decade.

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