Wall Street’s three main indexes hit record highs this week, amid gains across sectors, led by financial and energy stocks.The S&P 500 financial index rose 1.06 percent and was on track to snap a multi-day losing streak after President Donald Trump said he would make a tax announcement in a few weeks.Oil prices rose 1.3 percent, extending gains to the second day, supported by an unexpected draw in U.S. gasoline inventories. The S&P 500 energy sector was up 1.05 percent.Investors have been on the sidelines in the past few weeks, awaiting more clarity from Trump on his promises of tax cuts, simpler regulation and higher infrastructure spending.”The one thing that you can be certain about Trump is that he is going to be unpredictable,” said Chris Gaffney, President of world markets at EverBank.”I think this is another ‘Trump On’ trade day where we’re finally seeing some of the proposed policies being put into place.”Following Trump’s tax cut statement, the Dow Jones industrial average rose 125.94 points, or 0.63 percent, at 20,180.28, the S&P 500 was up 12.63 points, or 0.55 percent, at 2,307.3 and the Nasdaq Composite was up 32.24 points, or 0.57 percent, at 5,714.69.Eight of the 11 major S&P sectors were higher. The S&P 500 financial index rose 1.3 percent and was on track to snap a three-day losing streak.The utilities sector, which is considered a defensive bet, was down 0.88 percent.Among stocks, Viacom rose 2.5 percent as its quarterly profit beat analysts’ expectations.Coca-Cola fell 2.3 percent to $41.13 after the beverage maker forecast a drop in full-year adjusted profit. The stock was the biggest drag on the Dow and the S&P.Twitter sank 10.7 percent after the microblogging website reported lower advertising revenue in its latest quarter.Airline stocks, including JetBlue, Delta and United Continental, rose more than 2 percent after Trump met with top executives of the companies.A report from the Labor Department showed the number of Americans filing for unemployment benefits fell to a near 43-year low of 234,000 last week, pointing to tighter labor market conditions.Advancing issues outnumbered decliners on the NYSE by 1,907 to 950. On the Nasdaq, 2,037 issues rose and 739 fell.The S&P 500 index showed 36 new 52-week highs and one new low, while the Nasdaq recorded 115 new highs and 18 new lows.
WASHINGTON Chief executives of major U.S. companies huddled with President Donald Trump at the White House on Friday as the business community is increasingly split over how to respond to his policies, especially a […]
CHICAGO A form of bird flu that is highly lethal for poultry has infected a second commercial chicken flock in Tennessee that supplies Tyson Foods Inc , the company and the state’s agriculture department […]
Valentine’s Day is a celebration of love and affection and plenty of profit.The National Retail Federation says Americans will spend an average of $136.57 on plush bears, boxed chocolates, bouquets of roses, engagement rings […]