Dow Jones Hits Record 21000 as Wall Street Cheers Trump's Speech

Woman reading a financial newspaper

That benchmark of the 500 biggest companies listed in the US has risen $2.6 trillion more than before Trump's election, bringing the total market cap of the S&P 500 to around $21.1 trillion.

USA stocks powered to fresh records on Wednesday (March 1), with the Dow topping 21,000 for the first time, after President Donald Trump struck a more conciliatory note in a major address Tuesday night.

The Dow soared 200 points and topped the 21,000 level for the first time ever on Wednesday morning.

Yet, investors are increasingly anxious for an action plan, and Trump was short on details in his speech. "The political uncertainty has been one of the factors holding the market back in the face of an improving economy".

The dollar jumped 0.79 per cent to mark its biggest one-day gain since December 15, while gold prices fell.

At 9:42 a.m. ET the Dow Jones Industrial Average was down 19.01 points, or 0.09 percent, at 20,818.43, the S&P 500 was down 3.86 points, or 0.16 percent, at 2,365.89 and the Nasdaq Composite was down 11.68 points, or 0.2 percent, at 5,850.22.

The latest push into the record books came on an indecisive day for US stocks that sent indexes wavering between small gains and losses for much of the day.




Billionaire investor and Berkshire Hathaway CEO Warren Buffet said Monday that the recent stock market surge might not be a short-term phenomenon and that investors should consider buying stock.

Oil prices fell more than 1.7 percent following a report that showed USA crude oil stocks hit an all-time high. "Nonetheless, this only reinforces how strong the rally has been since the election".

"The market seemed to like the speech a lot, and the President's tone sounded presidential and unifying, which is important", wrote J.J. Kinahan, TD Ameritrade's chief market strategist Wednesday.

The address at 9:00 p.m. ET (0200 GMT) could touch on tax reforms, defense spending and his plans to overhaul the USA healthcare system. "In summary, we did not learn much [on Tuesday] that would influence our economic outlook".

Investors bid up bank shares in anticipation that interest rates will rise. The yield on 10-year Treasury notes topped 2.45 percent and crude rose.

Investors are awaiting the trading debut of Snap Inc, the owner of popular messaging app Snapchat, on the New York Stock Exchange under the ticker. While Australia's trade surplus shrank unexpectedly in January, approvals to build new homes rose more-than-expected last week, separate reports showed.

Moreover, Russia's Energy Minister Alexander Novak said yesterday that the nation's total crude output will be lower this month as compared to last month.

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