U.S. stock-market indexes closed at a new round of records Wednesday as investors welcomed President Donald Trump’s conciliatory tone during his address to a joint session of Congress, despite a lack of details on his economic plans.
Some analysts suggested that the absence of protectionist comments as well as his overall tone that was perceived as “presidential” instilled confidence among investors, sending global equity markets higher. Stocks even rose slightly higher following the release of the Fed’s Beige Book, which pointed out that business optimism has cooled a bit since the election.
The Dow Jones Industrial Average DJIA, -0.53% broke through the 21,000 barrier, surging 303.31 points, or 1.5%, to close at a record 21,115.55, led by more than 2% gains in J.P. Morgan Chase & Co. JPM, +0.13% , American Express Co. AXP, +0.00%Travelers Cos. TRV, +0.00% ExxonMobil Corp. XOM, +0.23% and Boeing Co.BA, -0.05% The index is up 6.9% year to date.
The S&P 500 index SPX, -0.59% rallied 32.32 points, or 1.4%, to close at a record 2,395.96 after reaching a new intraday high of 2,400.98, as nine of the 11 main sectors finished higher. Financials led gains, finishing up 2.8%, with energy stocks gaining 2.1%. Defensive sectors were the sole decliners, with utilities down 1% and real estate down 0.3%. The benchmark index is up 7% since the start of the year.Read more at Market Watch