Dow hits another record ahead of Trump address

New York: The blue-chip Dow on Monday floated upwards to notch another record finish as Wall Street again crept to a winning close.Investors however were largely holding their breaths ahead of President Donald Trump’s address to a joint session of Congress...

Dow hits another record ahead of Trump address

New York: The blue-chip Dow on Monday floated upwards to notch another record finish as Wall Street again crept to a winning close.

Investors however were largely holding their breaths ahead of President Donald Trump’s address to a joint session of Congress on Tuesday night, looking for details of promised tax cuts and spending plans.

Trump’s promises earlier this month to unveil a “phenomenal” new tax package set off a new rally on Wall Street, which has repeatedly smashed records.

The administration says new tax policies will be approved later in the year, but investors also will be looking for details of infrastructure spending which could boost growth.

Major stock indices wavered above and below the positive line during much of the day’s trading session but drifted higher by mid-afternoon to a less-than-emphatic finish.

The Dow Jones Industrial Average gained 0.1 percent to close at 20,843.19, ending the day at its 12th consecutive all-time high.

The broader S&P 500 was up less than a tenth of a point to close at 2,369.25 while the tech-rich Nasdaq added 0.2 percent to reach 5,858.01.

Peter Cardillo of First Standard Financial said enthusiasm about Trump tax policies was still high among investors and economic data released early in the day had not swayed market players.

Aircraft sales sent durable goods orders up 1.8 percent in January but core components were still weak, according to the Commerce Department.

“It’s a market that’s been driven by the prospect of Trump economics and it’s hard to pinpoint when that will stop,” Cardillo told AFP.

“So far that hasn’t happened because every time the market tries to pause, investors are ready to come back in.”

Trump teased a “big” infrastructure announcement to be made in his address. Shares in construction equipment giant Caterpillar Inc ended up two percent, helping move the Dow to its finish.

Other gainers included oil super-major Chevron gained 1.5 percent and UnitedHealth Group was up 1.4 percent.

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