Wall St treads water ahead of Trump's Tuesday speech
- Author: Zachary Reyes Mar 02, 2017,
Mar 02, 2017, 23:36
In 1.12pm trading in NY, the Dow Jones Industrial Average climbed 1.5%, while the Nasdaq Composite Index gained 1.2%.
Investors bet big on United States stocks Wednesday, giving the market its biggest single-day gain in almost four months and pushing the major indexes to record highs.
Exchanges in Spain, Germany and France also saw steep rises in the value of listed shares as investors bet on a spending spree by the new Trump administration filtering out to increase the profits of large corporations across Europe.
The Dow Jones Industrial Average rose past 21,000 for the first time, the greenback jumped the most in six weeks and US Treasuries fell as investors grew increasingly confident global economic growth is accelerating, clearing the path for higher interest rates in America.
"Even on the Federal Reserve Board, the last of the doves is finally acknowledging that if things seem strong enough we've got some cover here to move", said Mike Mussio, president of FBB Capital Partners.
The Dow Jones Industrial Average has closed above 21,000 for the first time, at 21,115.55 marking one of the fastest moves to the milestone.
The Nasdaq composite index added 78.59 points, or 1.4 percent, to 5,904.03.
The Nasdaq is up 58.72 points, or 1 percent.
Crude oil prices fluctuated on Wednesday after an unexpected increase in domestic inventories over the past week. Wells Fargo stocks gained 3 percent, while Citigroup shares rose 2.9 percent.
The Russell 2000 is up 56.51 points, or 4.2 percent.
Utilities and consumer staples, investment sectors considered core defensive plays, were the two of the three S&P 500 sectors that gained.
On record, the Dow has skyrocketed to 2,700 points since November after Trump's victory in the Presidential elections.
Losses were spread across Wall Street on Tuesday.
The yield on benchmark 10-year notes was 2.45 percent. By contrast, London's FTSE 100 is down almost 0.1%.
USA equity indices surged to all-time highs on Wednesday and closed in green. On the Nasdaq, 1,553 issues fell and 640 advanced.
The South Korean market is closed for a public holiday.
In currency trading, the dollar fell to 112.17 yen from 112.80 on Monday. The euro slipped to $1.0544 from $1.0597.