Here’s What Wall Street Has to Say About Donald Trump’s Speech to Congress

But on Tuesday night, Trump took on a more unifying tone for his first address to Congress. He also focused on the pro-growth parts of his economic plan — a move that helped send the S&P 500 up 1.36% Wednesday. The Dow was up 1.46% too, continuing the “Trump bump” that’s been going on since he was elected president. Financial stocks in particularly were spiking on the expectations that the Federal Reserve might raise rates in March.

Even though Trump shared few details about his economic plan, markets still liked it a lot, J.J. Kinahan, chief market strategist at TD Ameritrade, wrote in a note to clients.

“The so-called ‘Trump bump’ appears to be back. Stock futures signaled a much higher open Wednesday after the President’s speech, even as odds for a March rate hike climbed significantly,”Kinahan wrote. “The market seemed to like the speech a lot, and the President’s tone sounded presidential and unifying, which is important. A good CEO paints a picture and a vision, and President Trump did that for the country last night.”

Here’s what other analysts on Wall Street had to say about Trump’s speech:

Evercore ISI’s Terry Haines:

“Trump’s desire to move forward on immigration legislation probably is a good sign for those worried about potential crackdowns on skilled worker visas. Congress, which has control over skilled worker visa issues, generally has supported expansions and would be in position to insist upon that as part of any broader solution. And Trump’s discussion of “merit-based” immigration combined with his friendlier comments on skilled worker visas during the campaign may combine to allay fears and set the Administration on a constructive course,” he wrote late Tuesday.

ScotiaBank economists:

“I think markets are encouraged that a) he struck a somewhat more moderate tone with Congress which suggests a maturing administration that realizes it needs to work with Congress, b) there was no mention of a border tax or NAFTA changes at least not directly but there were many references to perceived trade inequities, and c) many of the wish list items were repeated particularly on the stimulus front (infrastructure spending, tax cuts, immigration controls etc),” they wrote.

A team of Jefferies analysts:

“The core theme remains ‘U.S.’ Over ‘international’. Meanwhile jitters over a March Fed hike are growing while overseas macro data continues to improve. Investors have ample opportunity to take on active risk,” Chief Global Equity Strategist Sean Darby wrote. “In reality, getting approval for changes was always going to take time, but the real question is whether the absence of details causes the market to worry about procrastination.”

Mizuho’s Colin Asher:

“Trump’s speech was a largely detail-free zone, although the tone was more presidential and less aggressive than many of his previous speeches both on the campaign trail and in office. He name-checked most of his policy priorities but gave little inkling of exactly how they were to be translated into legislation,” he wrote. “On the other hand, speeches from the Fed’s Williams and Dudley both gave the impression that they would not only like the markets to see the March FOMC meeting as live but that there was a strong chance they would be pushing for a rate hike at the meeting. Dudley, is seen as close to Yellen and a key member of the dovish core.”

PNC Chief Investment Strategist Bill Stone:

“President Trump’s speech was light on details but hit the right notes for the market with emphasis on pro-growth policies & tax cuts plus better framing on immigration and trade views,” he said. “The combination of better economic data, comments from Fed officials and Trump’s policy plans have now made March 15 the odds on favorite for the first rate hike of 2017. We’ll be listening closely to Chair Yellen’s comments on Friday as she has the last word before the blackout period. In addition, a strong February jobs report next Friday would likely seal the deal.”