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Dow +141.82 at 20804.84, Nasdaq +28.57 at 6083.70, S&P +16.01 at 2381.73. On the week, the Dow, S&P and Nasdaq finished in the red, while up on the day.

-White House official says Pres’ proposed budget includes $200B for infrastructure spending over 10 years and would include rebuilding airports, highways, bridges and of course the Wall. But $20B a year isn’t going to move the needle at all, to put it in perspective, the annual defense budget is ~$600B and Trump proposing to increase it by $54B in 2018.

-As Venezuela spirals further, the US Treasury Dept sanctioned 8 Venezuelan supreme court justices for rulings that have gutted the country’s opposition controlled Congress and have usurped the authority of Venezuela’s democratically elected legislature. The sanctions include freezing of any US assets held by them, as well as the denial/revocation of their US visas.

-Fitch affirmed Brazil at BB with a negative outlook

-GS saying the $ is weaker as many of the Trumphoria trades have been unwound, with the outperformance in stocks of companies that pay higher tax rates than most have actually gone into reverse, implying vanishing expectations for a corporate tax cut. The outperformance of bank stocks vs Goldman’s model has been entirely unwound after peaking shortly after the election on hopes for the repeal of Dodd Frank. GS also lowered their YE 2017 forecast for the 10yr yield by 25bps to 2.75%.

Bertolini