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Close Update: Wall Street Sets Records for Fifth Straight Day as Trump Talks Taxes

Tablet displaying intraday stock performance

Stocks in the U.S. closed at new all-time highs for the fifth consecutive day on Wednesday as President Donald Trump's talk on taxes continued to cheer on investors anticipating his pro-growth policies.

Health care and consumer staples led gains on the S&P 500, rising 1.1% and 0.8% respectively, while 24 of the 30 blue chips on the Dow Jones Industrial Average advanced, led by a 3.7% jump in Procter & Gamble ( PG ) and a 2.3% rise in Pfizer ( PFE ).

Ahead of a meeting with retail industry executives, Trump said he would unveil a "massive tax plan" in the "not too distant future" that would lower taxes for both individuals and businesses. Data released earlier in the day also showed US economic strength, with retail sales and consumer price inflation both coming in ahead of expectations.

The economic data eclipsed the second part of Federal Reserve Chair Janet Yellen's semi-annual testimony to Congress. Speaking to the House Financial Services Committee, Yellen echoed her remarks to the Senate on Tuesday that the economy is on track for additional, albeit gradual, rate hikes in 2017.

A slight pullback in US oil futures weighed on energy shares, which fell 0.4% on the S&P 500. Utilities were down 0.6% in the steepest decline.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 107.45 points (+0.52%) to 20,611.86

S&P 500 was up 11.66 points (+0.50%) to 2,349.25

Nasdaq Composite Index was up 36.87 points (+0.64%) to 5,819.44

GLOBAL SENTIMENT

FTSE 100 was up 0.47%

Nikkei 225 was up 1.03%

Hang Seng Index was up 1.23%

Shanghai China Composite Index was down 0.15%

UPSIDE MOVERS

(+) EVOK (+30.3%) FDA exempted company from requirement for human factor validation study

(+) EDIT (+28.8%) Company says US Patent and Trademark Office decision is favorable to Broad Institute

(+) FIG (+28.7%) Agreed to be acquired by Softbank for $3.3 billion

(+) MDCA (+28.2%) Goldman Sachs making $95 million investment

DOWNSIDE MOVERS

(-) COYN (-33.3%) Entered securities purchase agreement to buy 1.96 million shares in registered direct offering

(-) EARS (-18.8%) Priced $10 million public offering at discount

(-) FOSL (-14.8%) Q4 results slide from year ago levels

(-) INT (-14.6%) Q4 EPS misses and FY 17 guided below Street

(-) PAAS (-7%) Company corrects Q4 adjusted EPS

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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