Yesterday the benchmark S&P/ASX 200 closed up 0.7 per cent, to 5912 points, having traded as high as 5923 points shortly after the open.
Financial stocks were responsible for most of Wednesday's solid showing. ANZ added 1.3 per cent, CBA 1 per cent, NAB 0.7 per cent and Westpac 0.6 per cent. Macquarie Bank jumped 2.6 per cent.
Gold miners were hammered Regis Resources, Newcrest Mining, Northern Star Resources were down 6.5 per cent, 4.9 per cent and 7 per cent, respectively.
Rio Tinto rose 1.1 per cent, Fortescue Metals pushed up 1.3 per cent, while BHP Billiton added 0.6 per cent.
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The White House revealed its highly anticipated tax plan this afternoon and markets reacted with a shrug. The release, a one-page release and brief press conference, did not contain many surprises, but raised many questions.
Stocks declined slightly. The S&P 500 dropped 0.05%, the Dow Jones Industrial Average lost 0.10%, and the Nasdaq was flat.
President Donald Trump's tax plan includes a reduction in the corporate tax rate to 15% from 35% and a top individual tax rate of 35% as widely expected.
"There is still a lot unknown about the tax plan," said Matthew Peterson, chief wealth strategist at LPL Financial. "For example, we know the tax brackets, but not what income levels would trigger the rates. Cash held overseas being repatriated would be at a lower, but still unknown, level."
Peterson added, "The market was looking for clarity. It wasn't going to get it. But it didn't even get the roadmap."
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Gold prices were ending the U.S. day session slightly lower and fell to a two-week low Wednesday. World stock markets paused at mid-week, after the good early-week gains. However, traders and investors worldwide are still in an upbeat mood, which is bearish for safe-haven gold. June Comex gold was last down $2.10 an ounce at $1,265.00. May Comex silver was last down $0.186 at $17.405 an ounce.
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