Wall Street exchanges closed higher, with the Dow Jones index and the Nasdaq Composite climbed to record highs in trading on Tuesday (20/12/2016) in the middle of a rally fueled by optimism towards the policy of U.S. President-elect Donald Trump.
Index Dow Jones Industrial Average closed rose 91.56 points or 0.46% to 19,974.62, only about 25 points approaching the level of 20,000 and is the highest level of all time.
Meanwhile, the Nasdaq Composite Index closed rose 26.50 points or 0.49% to 5,483.94, also a record for the highest level is the latest, while the Standard Poor’s 500 index rose & 8.23 points or 0.36% to 2,270.76
The U.S. stock market has been soaring since the election of us President last November 8, with the Dow Jones leapt 9% and the S P 500 climbed & 6% amid speculation that Trump plans to do deregulation and increase infrastructure spending will boost the economy.
“The market focus is on the agenda of a Trump, which is the tax cut, increased infrastructure spending and deregulation,” said Jeff Zipper, managing director of the investment of the Private Client Reserve, as quoted “Reuters.”
20,000 level on the Dow Jones index is a major milestone on Wall Street and some investors believe that if the index passed the resistant level, meaning the stock rally will continue. Dow Jones first touched the level of 10,000 in 1999.
Eight of the 11 sectors index S&P strengthened, driven by strengthening 1.12% in the financial sector. This sector has been strengthened by up to 19% since the presidential election, investors speculated Trump will cut regulations…(Red).