Dow Breaks Records, Asian Stocks Buoyed by US Movements
- Author: Joey Payne Mar 03, 2017,
Mar 03, 2017, 0:12
The Dow closed at record highs for 13 sessions in a row in January 1987, nine months before the Black Monday market crash.
The Dow Jones Industrial Average closed at 21115.55 levels, with the gain of 303.31 points or 1.46%.
WALL STREET: The Dow fell 25.20 points, or 0.1 percent, to 20,812.24.
In 1.12pm trading in NY, the Dow Jones Industrial Average climbed 1.5%, while the Nasdaq Composite Index gained 1.2%.
US stock futures were ahead late on Tuesday, indicating a higher open on Wednesday, after President Donald Trump's first address to Congress, which gave few specifics but confirmed his commitment to lowering tax and boosting infrastructure.
Stocks have risen sharply in the wake of the November 8 election, bolstered by Trump's promises of tax reform, infrastructure spending and reduced regulations. The promises have helped send US stock benchmarks to records.
On the opposite side of the ledger, shares of Coca-Cola Co (NYSE: KO) and Chevron Corp (NYSE: CVX) each rose 0.7% to lead all gainers.
At around 12.30 p.m. ET, Dow Jones added approximately 4.8 percent while S&P 500 gained 3.8 percent.
Investors were also reacting Tuesday to a downbeat sales and profit announcement from retailer Target (TGT), which downgraded its earnings outlook for the remainder of 2017.
But some in the market still warned not to read too much into Mr Trump's speech and to remain cautious of abrupt policy announcements and fresh uncertainty that could rock markets.
The US dollar also rose, while Treasuries declined.
Bond prices fell and yields rose after a key Federal Reserve official, New York Fed President William Dudley, said the case for raising interest rates had gotten stronger. Britain's FTSE 100 was up 1.6 percent.
United States stocks' dozen-day winning run came to an end on Tuesday after the latest reading on economic growth disappointed and as increased rate hike expectations lifted the dollar and Treasury yields. It slipped 4 cents, or 0.1 percent, to $54.01 Tuesday. Hong Kong's Hang Seng added 0.2 percent. The benchmark Kospi finished up 11.01 points or 0.53 percent at 2,102.65, the highest level since February 23. JPMorgan Chase climbed $2.69, or 3 percent, to $93.31.
Having touched 18-month highs last week, West Texas Intermediate was down 0.2% on the day to $53.92 per barrel, while Brent crude was 0.6% weaker at $55.59.