Close Update: Wall Street Marks Third Day of Record Highs as Financials Lead
Wall Street ended higher on Monday, extending last week's record rallies to new peaks as investors continued the optimistic mood after President Donald Trump pledged a new tax plan and on the heels of his amicable meeting with Japanese Prime Minister Shinzo Abe over the weekend.
Financials led gains among the S&P 500 sectors, rising 1.1%. On the Dow Jones Industrial Average, 25 of the 30 blue chips gained ground. The Dow posted three straight day of gains, each of them record highs, while the Nasdaq Composite and the S&P 500 were both up for the sixth consecutive day.
Stocks have been propelled by Trump's announcement last week that he will unveil a tax plan that will be favorable to U.S. businesses. Hopeful that tax cuts, infrastructure spending and deregulation will fuel a faster pace of economic growth, investors have been generally driving up stocks since the November vote.
Apple ( AAPL ) ended at a record high, while Caterpillar ( CAT ) led the Dow. Telecom stocks fell after Verizon ( VZ ) announced it was reintroducing an unlimited data plan. Sprint ( S ), T-Mobile US ( TMUS ) and AT&T (T) all retreated.
Investors will on Tuesday closely watch Federal Reserve Chair Janet Yellen speaking on the economy and policy before the Senate Banking Committee Tuesday with her prepared remarks beginning at 10 a.m. ET.
Tuesday's economic calendar offers the producer price index report at 8:30 a.m., while firms including American International Group (AIG), Credit Suisse (CS) and Molson Coors Brewing (TAP) due to report quarterly earnings.
Here's where the markets stood by the close:
Dow Jones Industrial Average was up 142.79 (+0.70%) to 20,412.16
S&P 500 was up 12.15 (+0.52%) to 2,328.25
Nasdaq Composite Index was up 29.83 (+0.52%) to 5,763.96
FTSE 100 was up 0.28%
Nikkei 225 was up 0.41%
Hang Seng Index was up 0.58%
Shanghai China Composite Index was up 0.63%
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(+) PLKI (+7.24%) Reuters said Restaurant Brands International (QSR, +4.63%) is interested in buying Popeyes.
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(-) HAIN (-8.9%) Received an SEC subpoena seeking documents relating to a delayed filing
(-) SHLD (-8.05%) Refutes reports it removed certain Trump-branded products from its website and its Kmart unit
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