Richard Drew/AP

Stock markets are having their best day of the year, though you wouldn't have predicted it in the hours immediately following President Trump's speech to Congress. Markets were initially unresponsive on the lack of specifics regarding tax and regulatory reform, but following rave reviews of the tone of the speech and bullish economic data released this morning, stocks shot to new highs.

Dow 21,000: The Dow Jones rose more than 300 points as of this afternoon, good for a roughly 1.5% gain. The S&P 500 and Nasdaq have also risen, 1.38% and 1.26%, respectively.

Retail not invited to the party: The news that the White House favors the border adjusted tax, which hurts importers, dinged retail stocks, with the SPDR S&P Retail ETF falling 0.15%.

Go deeper

7 mins ago - Axios on HBO

Preview: "Axios on HBO" interviews acting Secretary of Homeland Security Chad Wolf

On the next episode of "Axios on HBO," acting Secretary of Homeland Security Chad Wolf tells Axios co-founder Mike Allen why he "would be concerned" about Joe Biden and Kamala Harris in office.

Catch the full interview on Monday, August 17 at 11 p.m. ET/PT on all HBO platforms.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 20,755,406 — Total deaths: 752,225— Total recoveries: 12,917,934Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 5,246,760 — Total deaths: 167,052 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.