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Mnuchin: The stock market is rallying because it believes Trump will 'create significant growth'

  • Treasury Secretary Steven Mnuchin says the market has risen on expectations corporate tax reform will pass Congress.
  • The S&P 500 has rallied more than 16 percent since the Nov. 8 election.
Treasury Secretary Steve Mnuchin speaking at the 2017 Delivering Alpha conference in New York on Sept. 12, 2017.
David A. Grogan | CNBC
Treasury Secretary Steve Mnuchin speaking at the 2017 Delivering Alpha conference in New York on Sept. 12, 2017.

Treasury Secretary Steven Mnuchin on Tuesday said the stock market has surged on expectations President Donald Trump's administration and Congress will pass tax reform.

The S&P 500 has rallied more than 16 percent since the Nov. 8 election through Monday, adding more than $2 trillion in market value to the benchmark, according to S&P.

"There is no question that the stock market has expectations that we're going to get tax reform done," he said at the Delivering Alpha conference presented by CNBC and Institutional Investor. "The stock market has expectations we're going to create significant growth."

Mnuchin also said the Trump administration is considering backdating tax reform to the start of this year to boost the U.S. economy further.

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CNBC and Institutional Investor hosted the 7th Annual Delivering Alpha Conference in New York City. Delivering Alpha continued to be an incomparable who's who of the investor community, with hedge fund titans, private equity giants and top institutional investors offering candid views, along with illustrious political and economic commentators appearing in segments moderated by CNBC talent and II editors.

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