Page 24 - ARUBA TODAY

Thursday 2 March 2017 BUSINESS
A24

Record highs for US stocks; Dow crosses 21,000-point mark

Continued from front dex added 78.59 points, But it is the prospect of more
or 1.4 percent, to 5,904.03. profitable days ahead for
Optimism over corporate Small-company stocks Corporate America that
tax cuts, deregulation and continued to outpace the encouraged investors to
other business-friendly poli- rest of the market, a bull- pile into stocks.
cy proposals reiterated by ish signal on the economy. On Tuesday night, Trump
President Donald Trump The Russell 2000 index rose struck a less confronta-
during a speech before 26.95 points, or 1.9 percent, tional tone than usual and
Congress helped fuel the to 1,413.64. steered away from dra-
rally. Growing speculation All four indexes closed at matically negative descrip-
that the Federal Reserve new all-time highs. Each tions of the state of the U.S.
may soon elect to raise had set new highs last economy. Trump also re-
interest rates again also month. Bond prices fell and affirmed his pledges to re-
helped put traders in a yields rose after a key Fed- form taxes, slash red tape
buying mood. eral Reserve official, New and ramp up spending on
“We’re seeing a strong risk- York Fed President William defense and infrastructure
on rally in the face of rising A board above the trading floor of the New York Stock Ex- Dudley, said the case for projects, though his re-
change shows the Dow Jones industrial average closing num-
expectations of Fed action ber above 21,000, Wednesday, March 1, 2017. Banks and other raising interest rates had marks offered few new pol-
as early as March based on financial companies led U.S. stocks sharply higher, pushing the gotten stronger. The 10- icy specifics. The proposed
a belief there will be a pro- Dow Jones industrial average to close above 21,000 points for year Treasury yield rose to reforms have helped send
growth agenda that gets the first time. 2.46 percent from 2.40 per- U.S. stock benchmarks to
enacted,” said Bill Northey, (AP Photo/Richard Drew) cent late Tuesday. Strong record highs in the weeks
chief investment officer of points, or 1.5 percent, to index gained 32.32 points, gains in major global stock since the election in No-
the Private Client Group at 21,115.55. At one point, the or 1.4 percent, to 2,395.96. indexes overnight and into vember.
U.S. Bank. “It’s been what I 30-company average was That’s the biggest single- early Wednesday hinted “The market has shifted
would characterize as a bit up more than 356 points. day gain for the index, the at the possibility of anoth- from being worried about
of market euphoria on the The Dow hadn’t been up benchmark favored by er milestone day for Wall lower growth for longer,
back of the president’s ad- more than 300 points in professional investors, since Street. Better-than-expect- to expecting more growth
dress to the joint session of one day since November. early November. ed company earnings and sooner rather than lat-
Congress last night.” The Standard & Poor’s 500 The Nasdaq composite in- outlooks from Lowe’s, Big 5 er,” said Chris Zaccarelli,
The Dow jumped 303.31 Sporting Goods and other chief investment officer
companies also helped for Cornerstone Financial
give the market a boost. Partners.q