The iShares MSCI United Kingdom ETF (NYSE:EWU) and the SPDR S&P 500 ETF Trust (NYSE:SPY) both traded higher by more than 2% each on Monday after the U.K. government abandoned its plan to cut taxes for its wealthiest earners.
What Happened? New U.K. Prime Minister Liz Truss shook financial markets and sent the British pound plummeting to new all-time lows against the U.S. dollar when she announced the aggressive tax cuts on Sept. 23.
