* Investors look for pro-growth message in Trump press
* U.S. stocks rally, dollar at one-week high
* Oil prices rises
(Updates prices, adds comment, changes byline, dateline;
By Gertrude Chavez-Dreyfuss
NEW YORK, Jan 11 Wall Street shares and the
dollar rose on Wednesday ahead of a news conference by U.S.
President-elect Donald Trump in which he is expected to provide
more details about his plans for the world's largest economy.
Trump's campaign calls for tax cuts and more infrastructure
spending have boosted U.S. shares and the dollar, as well as
driving a selloff in Treasuries, but his protectionist
statements and a flurry of off-the-cuff Tweets have kept many
investors from adding to risky positions.
"The hope is for a pivot back toward the Trumponomics
agenda, which was three key themes: tax reform, deregulation,
and infrastructure spending," said Vassili Serebriakov, a
currency strategist at Credit Agricole in New York.
The Dow Jones industrial average rose 0.4 percent,
to 19,933.84, while the S&P 500 is up 4.1 points, or
0.180704 percent, to 2,273 and the Nasdaq Composite is
adding 6.98 points, or 0.13 percent, to 5,558.80.
Other global stock indexes rallied as well.
The UK's FTSE 100 was poised for a record twelfth
straight day of gains while European shares rose 0.2
The U.S. dollar, meanwhile, rose to a one-week high against
a basket of major currencies, up 0.9 percent to 102.87.
It also gained against the yen, rising 0.8 percent to 116.75
Trump has vowed to label China a currency manipulator on his
first day in office on Jan. 20 and has threatened to slap huge
tariffs on imports from China.
U.S. House of Representatives Speaker Paul Ryan and top
members of Trump's transition team are discussing a
controversial plan to tax imports.
Economists have warned that protectionist measures could
stifle international trade and hurt global growth.
"From a currency perspective, markets will aim to get a
clearer picture on trade, fiscal stimulus and the new
administration's relationship to the Fed," Morgan Stanley
strategists wrote in a note to clients.
The dollar has gained broadly since Trump's election in
November as investors bet he would boost public spending and
spur repatriation of overseas funds by U.S. companies as well as
higher inflation and interest rates.
But more doubts have emerged in recent weeks about that
narrative, and investors will have a close eye on what the new
president says about trade and relations with China.
Bank of America-Merrill Lynch strategists warned on
Wednesday that a worrying consensus has developed in financial
markets with analysts and investors overwhelmingly bearish on
bonds and positive on developed market stocks, financials and
the U.S. dollar.
Sterling meanwhile edged towards a 10-week low
against the dollar on Wednesday, kept under pressure by fears
that Britain will undergo a "hard" exit from the EU in which
access to the single market will play second fiddle to
In the bond market, U.S. Treasury yields were flat, with the
10-year at 2.386 percent.
An auction of German debt was expected to go down well with
investors looking for safe havens. German 10-year yields rose
to 0.254 percent. Portuguese yields held near 11-month highs as
the country prepared for its toughest bond sale in years.
In commodity markets, oil rose, lifted by reports of Saudi
supply cuts to Asia, but gains were capped by a lack of detail
about the reductions and because of signs of rising supplies
from other producers.
Brent crude was last up $1.07, or 1.99 percent, at
$54.71 a barrel. U.S. crude, on the other hand climbed
1.79 percent, to $51.73 per barrel.
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by
Vikram Subhedar in London and Sam Forgione in New York)