Donald Trump’s announcement about withdrawal from the Paris climate agreement drove the uptrend movement on the market last Thursday. A number of major business leaders advised against leaving the deal. Nonetheless, Trump is convinced that this decision will give a strong stimulus to the US economy.
Jeffrey Immelt, the chairman and chief executive of General Electric, said he was “disappointed” with the decision of the US President. Moreover, Elon Musk claimed he is leaving Donald Trump's advisory council over the President's announcement about pulling out of the Paris climate accords.
Meanwhile, Dow Jones Industrial Average closed up 135 points at 21,144 and the Nasdaq Composite rose 48 points to 6,246. S&P 500 also climbed 18 points to 2,430.
The ADP national employment report showed that the US employment rate in the private sector increased more than expected by 253K in May. This news aroused a positive sentiment among investors and improved an economic outlook.
The growth of employment raises the likelihood of the Fed interest rate hike at the meeting scheduled for June, 14.
