Wall Street stocks sprinted to another day of fresh records Monday, extending last week’s rally on expectations President Donald Trump will soon present his promised tax cut plan.
The Dow Jones Industrial Average climbed 0.7 per cent to close the day at 20,412.16. The broad-based S&P 500 gained 0.5 per cent to end at 2,328.25, as did the tech-rich Nasdaq Composite Index which went up 0.5 per cent to 5,763.96.
It was the third straight session that all three major indices ended at all-time highs following Trump’s comments Thursday that he plans to release details about a “phenomenal” tax cut plan in the next two to three weeks.
“It’s just a carry over from last week,” said Bill Lynch, director of investment at Hinsdale Associates.
“The market seems to be giving Trump the benefit of the doubt.”
Jack Ablin, chief investment officer at BMO Private Bank, said, “I am getting a sense of a party atmosphere and investors just do not want to be left out.”