Trump says market rally due to confidence in his administration

[WASHINGTON] President Donald Trump credited high confidence and optimism in the early weeks of his administration for new stock market highs, despite his low approval ratings, and suggested markets will act even more favourably once the White House and congressional Republicans roll out a new blueprint for tax cuts in the coming weeks.

"Stock market hits new high with longest winning streak in decades," the president tweeted on Thursday.

"Great level of confidence and optimism - even before the tax plan rollout!"

Global equities just vaulted to their first record in 18 months Wednesday amid the longest streak of gains in the S&P 500 Index since September 2013, and futures on the Dow Jones Industrial Average were up 19 per cent since their election night lows.

On Thursday, US stock-index futures were slightly down after Wall Street's seven-day winning run. S&P 500 futures expiring in March dropped 0.2 per cent to 2,346.75 at 5.58am in New York.

Mr Trump has a 40 per cent job approval rating, according to Gallup's most recent three-day rolling average.

Mr Trump's campaign call to cut the corporate tax rate to 15 per cent from 35 per cent goes further than House Republicans' plan of last year to cut the rate to 20 per cent. Mr Trump last week said he is working with House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell on potential tax measures.

BLOOMBERG