Published: Wed, March 01, 2017
Markets | By Lucia Cruz

S&P, Dow hit record highs on Trump's policy comments

S&P, Dow hit record highs on Trump's policy comments

Nasdaq 100 e-minis were down 10.5 points, or 0.2 percent, on volume of 27,353 contracts.

The blue-chip CSI300 index rose 0.2 per cent, to 3,452.81 points, while the Shanghai Composite Index gained 0.40 per cent to 3,241.73 points.

In Asia, share markets were mostly higher in morning session on Tuesday, tracking U.S. gains, as investors await a key speech from Trump.

While many investors were hoping Trump would unveil details of pro-business policies including tax reform, cash repatriation or infrastructure spending during his address to Congress Tuesday night, others were not ready to make new bets as they anxious that the speech would disappoint.

Among individual stocks, shares of Target (TGT) are likely to come under pressure in early trading after the retail giant reported weaker than expected fourth quarter earnings and provided disappointing guidance for fiscal 2017. Small-company stocks sent the Russell 2000 index up 13.44 points to 1,407.97. Investors have also cheered data confirming an economic recovery in Europe and a turn around in company earnings.

The S&P 500 is coming off an all-time closing high of its own.

One key difference is that the Dow went on to gain another 30 percent in the months after the 13-day streak in January 1987.

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Priceline rose 5.6 percent following quarterly revenue that blew past estimates.

But on Tuesday investors said there were risks that Trump's speech later in the day could disappoint, triggering a sell-off.

Trump, 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%, while he said his administration would be "moving quickly" on regulatory reforms.

The Dow fell 38 points, or 0.2 percent, to 20,785.

Materials companies also rose with Martin Marietta Materials adding 2.5% and Vulcan Materials gaining 2.4%. Utilities and telecom services stocks - traditionally defensive plays of the S&P 500 index - outperformed the other sectors last week.

"The markets had this incredible run, much of it based on potential tax policy, and what everyone wants to see tomorrow night is some more details", JJ Kinahan, chief market strategist at TD Ameritrade, said Monday.

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