STOCK MARKET ALL TIME HIGH: Dow skyrockets 300 points higher, breaks above 21,000 as stocks hit all-time highs
( CNBC ) U.S. equities traded sharply higher on Wednesday, with the Dow Jones industrial average climbing above 21,000 for the first time, on the back of President Donald Trump’s speech to Congress.
Trump’s speech, which was delivered Tuesday night, was widely praised for its positive tone but lacked specifics about tax reform and deregulation, two key components of the market’s postelection rally.
“The major positive from the speech is he delivered on his ‘America first’ message, but he did so in a positive and uniting way,” said Zhiwei Ren, portfolio manager with Penn Mutual Asset Management. “If his message of ‘America first’ can succeed, this could be positive for the economy” in the near term.
The Dow advanced about 300 points with Goldman Sachs contributing the most gains. The 30-stock index first closed above 20,000 on Jan. 25.
The S&P 500 climbed 1.4 percent, with financials rising 2.8 percent to lead advancers. The Nasdaq jumped 1.24 percent.
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