(CBS) — Stocks closed mostly higher on Friday as renewed hopes for tax reform put traders in a buying mood.
The S P 500 added 4, the NASDAQ gave back 5 and the Dow Jones industrial average closed up 30 points, settling to 21,813.
“(White House economic adviser) Gary Cohn coming out and saying that he has no intention of leaving the White House and is pursuing the accomplishment of getting some kind of tax cuts. I think that might of actually had a slightly bigger boost to the market than the central bankers who really provided us with very little,” says Jim Welsh, macro strategist and author of “Macro Tides,” a monthly commentary on the global economy.
He adds: “I do believe we are going to see a five percent or more pull-back. I am aggressively conservative and think that there’s a little too much bullishness right now.”