{"id":23264,"date":"2017-02-28T05:59:25","date_gmt":"2017-02-28T05:59:25","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=23264"},"modified":"2017-02-28T05:59:25","modified_gmt":"2017-02-28T05:59:25","slug":"dow-hits-12th-record-high-close-trump-talks-up-infrastructure-spending","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/dow-hits-12th-record-high-close-trump-talks-up-infrastructure-spending.html","title":{"rendered":"Dow hits 12th record high close,\u00a0Trump talks up infrastructure spending"},"content":{"rendered":"

\n\tDow hits 12th record high close, Trump talks up infrastructure spending<\/span><\/span><\/strong><\/span>
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\n\tDow hits 12th record high close, Trump talks up infrastructure spending:-<\/strong> U.S. stocks ended slightly higher on Monday and the Dow closed at a record high for a 12th straight session, as President Donald Trump said he would make a "big" infrastructure statement on Tuesday.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe Dow's streak of record-high closes matches a 12-day run in 1987, with Boeing (BA.N) and UnitedHealth (UNH.N) among the biggest boosts for the Dow on Monday. The S&P 500 also closed at a record high. Energy gave the biggest boost to the S&P 500, with the energy index .SPNY up 0.9 percent.<\/span><\/span><\/span>\n<\/p>\n

\n\tTrump, who met with state governors at the White House, also said he is seeking what he called a "historic" increase in military spending of more than 9 percent, while he said his administration would be "moving quickly" on regulatory reforms.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe comments came ahead of Trump's first address to a joint session of Congress Tuesday evening. Investors are looking for more specifics on Trump's plans, given the hefty gains in the market since the Nov. 8 election.<\/span><\/span><\/span>\n<\/p>\n

\n\t"Things are moving along in terms of the Trump agenda, but we'll get a clearer picture after tomorrow night so that might precipitate some buying or selling," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.<\/span><\/span><\/span>\n<\/p>\n

\n\tHellwig and others said there's potentially more upside than downside from the address, given how the market has reacted in recent weeks.<\/span><\/span><\/span>\n<\/p>\n

\n\tShares of U.S. defense companies – Boeing (BA.N), Raytheon (RTN.N), General Dynamics (GD.N) and Lockheed Martin (LMT.N) – rose after Trump said he would seek to boost Pentagon spending by $54 billion in his first budget proposal.<\/span><\/span><\/span>\n<\/p>\n

\n\tBoeing was up 1.1 percent while UnitedHealth was up 1.4 percent.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe Dow Jones Industrial Average .DJI was up 15.68 points, or 0.08 percent, to close at 20,837.44, the S&P 500 .SPX gained 2.39 points, or 0.10 percent, to 2,369.73 and the Nasdaq Composite .IXIC added 16.59 points, or 0.28 percent, to 5,861.90.<\/span><\/span><\/span>\n<\/p>\n

\n\tIn its 1987 12-day streak of record-high closes, the Dow rose 9.2 percent compared with just a 3.9 percent gain in the recent record run.<\/span><\/span><\/span>\n<\/p>\n

\n\tWhile the S&P 500 is up 10.8 percent since the Nov. 8 election, the pace of the rally has slowed this year.<\/span><\/span><\/span>\n<\/p>\n

\n\tTrump's promise a few weeks ago of a "phenomenal" tax announcement helped rekindle the post-election rally, driving the main U.S. markets to record highs.<\/span><\/span><\/span>\n<\/p>\n

\n\tTime Warner (TWX.N) ended up 0.9 percent after news that the head of the U.S. Federal Communications Commission does not expect to review AT&T Inc's (T.N) planned $85.4 billion acquisition of Time Warner.<\/span><\/span><\/span>\n<\/p>\n

\n\tAT&T slipped 1.3 percent.<\/span><\/span><\/span>\n<\/p>\n

\n\tAdvancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.87-to-1 ratio favored advancers.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe S&P 500 posted 63 new 52-week highs and one new low; the Nasdaq Composite recorded 143 new highs and 45 new lows.<\/span><\/span><\/span>\n<\/p>\n

\n\tSource:- http:\/\/www.reuters.com\/article\/us-usa-stocks-idUSKBN1661KL<\/span><\/span><\/span><\/p>\n

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