US benchmark stock index rose sharply last night along with the dollar as the US President Donald Trump said that he will be announcing a phenomenal tax plan in the next two or three weeks. At this time, he, however, didn’t provide any other details but based on whatever he said during his campaign and after his presidency, the market is pricing big tax cuts.

Tax plans have been one of the key cornerstones of President Trump’s campaign promises. He promised to reduce the tax rate to as low as 15 percent from the current of more than 35 percent. In addition to that, he has also promised to lower the income tax and also introduce a one-time offer of low taxation for repatriation. While he has promised to reduce domestic tax, he has planned to impose an import tax or adjusted border tax.

After Mr. Trump’s announcements, S&P 500 rose to close at a record high. S&P 500 is currently trading at 2310. The dollar index moved higher too, which is currently trading at 100.84 against a basket of currencies.