NEW YORK, (MILLAT/APP/AFP) – 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 percent to close the day at 20,412.16.
The broad-based S&P 500 gained 0.5 percent to end 2,328.25, as did the tech-rich Nasdaq Composite Index up 0.5 percent 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.”
Among the winners, several banks climbed on expectations that Trump will ease regulations imposed after the 2008 financial crisis. JPMorgan Chase, Goldman Sachs and Citigroup all rose more than one percent.
Technology shares with larger gains included Amazon, up 1.1 percent, and Tesla Motors, up 4.2 percent. Apple climbed 0.9 percent to finish at an all-time closing high of $133.29.
But mobile phone companies were on the downswing after Verizon said it would sell unlimited data packages, a sign of rising competition among providers. Verizon lost 0.9 percent, AT&T fell 1.8 percent and T-Mobile US dropped 2.4 percent.