Rising oil prices highlighted the first day of the new trading week as investors awaited the results of new sales data expected by the end of the week. The markets began the day with the S&P 500 and NASDAQ at new, all-time high record levels.
More from CNBC below.
Oil rose 3% to close at $43 a barrel after a report of new requests by some OPEC members to hold-back oil output.
Randy Frederick, managing director of trading and derivatives at Charles Schwab said:
“I’m expecting a neutral, sideways week because earnings season is mostly over and we just hit all-time highs plus the economic calendar this week is a little light on data.”
Today’s economic news came as a backdrop to Donald Trump’s tax proposal, as the Republican Presidential nominee called for a top income tax rate of 33% rather than 25% as he previously stated. Trump said, if elected President, his proposals would help to reduce federal deficit growth.
See more below.
The top income tax rate is just under 40%. Trump said today during his speech in Detroit that he will enact (3) income tax brackets of 33%, 25% & 12%. Read more on Donald Trump’s tax and economic proposals here.
Here are the final numbers from Monday, August 8th, 2016 on Wall Street:
Dow Jones Industrial Average: 18,529.29 (-14.24 / -0.08%)
NASDAQ: 5,213.14 (-7.98 / -0.15%)
S&P 500: 2,180.89 (-1.98/ -0.09%)