Wall Street closes higher: Dow keeps win streak alive
Published Feb 27, 2017 04:09PM ET
Dow has closed at record highs for 12 straight sessions
Investing.com – U.S. equities closed modestly higher on Monday, as investors waited for a key speech from President Donald Trump.
President Trump’s promises on tax reform, deregulation and infrastructure spending have been major catalysts in the so-called ‘Trump rally’, which has seen U.S. equities climb as much as 10% since Trump’s election victory.
President Trump is set to address Congress on Tuesday, as investors eagerly await clues about the administration’s plans for tax reform and deregulation.
U.S. equities raced to a higher close, despite the release of mixed U.S. economic data, after U.S, pending home sales missed expectations while durable goods orders for January were better than expected.
The National Association of Realtors said pending home sales were down 2.8%, which missed analysts’ expectation of a 0.8% rise in January while the Commerce Department said that orders for durable goods rose 1.8% in January against expectations of 1.7% increase.
Elsewhere, Dallas Fed President Robert Kaplan reiterated his view that the rate hike should be sooner rather than later, which reinvigorated traders' hopes of a march rate hike.
In corporate earnings news., Tesla (NASDAQ:TSLA) shares closed more than 4% lower at $246.23, after Goldman Sachs downgraded Tesla to a sell, following a disappointing fourth-quarter earnings report from the electric car manufacturer.
The Dow Jones Industrial Average closed up 15 points at 20,837. The S&P 500 gained 0.1% while the Nasdaq Composite ticked higher to close at 5861.90 up 0.28%.
The top S&P 500 gainers included Illumina Inc (NASDAQ:ILMN) up 4.3%, and Southwestern Energy Company (NYSE:SWN) up 3.5%, while National Oilwell Varco Inc (NYSE:NOV) added 3.5%.
The AES Corporation (NYSE:AES) down 6.6%, Newmont Mining Corporation (NYSE:NEM) down 5.8% and NRG Energy Inc (NYSE:NRG) slumped 4%, were among the worst S&P 500 performers of the session.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.