Published: Fri, March 03, 2017
Sci-tech | By Jackie Newman

Dow passes 21000 after Trump speech to Congress

Dow passes 21000 after Trump speech to Congress

Trump will not only encourage "big" infrastructure spending, but has also called for a "historic" increase in spending to rebuild the country's "depleted military" at a time it is required the most.

Analysts said Wall Street was buoyed by hopes the U.S. president would set out more on his spending and tax plans in a speech to Congress on Tuesday.

Influential New York Fed President William Dudley said Tuesday night that tightening monetary policy had become "more compelling", making a rate increase more likely for March 15.

Several weeks ago, the gauge closed at 20,000, meaning the 1,000 jump to 21,000 took place in just 24 days, tying for the fastest ever such jump with a trading session in May 1999, Market Watch reported. Crude oil declined, and gold fell to $1,249.80 per ounce as investors swarmed stocks. "The market may well already be experiencing Trump fatigue and he's now put himself in a position where he must deliver, and in a big way, or markets could quite quickly turn against him".

The jumps come hours after Trump addressed the Congress in a speech that touched on a number of issues.

The yield on the 10-year Treasury note rose to 2.45 percent.

It comes after the London market embarked on a remarkable winning streak at the beginning of the year - notching up 12 record closes on the bounce - as investors cheered Mr Trump's economic policies.

Anti-Semitism In America: Philadelphia Jewish Cemetery Vandalized, 2nd Incident In A Week
On ground now, they saw a lot of people, including Muslims, trying to erect the toppled headstones of Mount Carmel Cemetery. Louis cemetery which contains the remains of Holocaust survivors, where 154 headstones were damaged according to CNN .

Since the election in November, expectations of tax reform, deregulation and ramped up spending on defense and infrastructure projects has pushed the stock market higher.

Shares in Priceline climbed 5.6 percent after the online booking company posted strong quarterly earnings. TD Ameritrade dropped 10.4 percent. Still, the blue chip stock gauge rose almost 950 points, or 4.8%, in February.

A separate report from the Conference Board showed an unexpected improvement in consumer confidence in the month of February.

The Dow is up 293.79 points, or 1.4 percent.

Japan's benchmark Nikkei 225 gained 0.5 percent in morning trading to 19,222.56. Singapore's Straits Times index was up 0.1 percent and the Taiwan Weighted gained 0.2 percent while India's Sensex was marginally higher after hitting a 52-week higher earlier in the session.

The South Korean market is closed for a public holiday.

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