The stock market posted record intraday trading highs Monday afternoon, as the S&P 500 breached the $20 trillion market capitalization mark for the first time in history.
President Donald Trump pledged Thursday that he will soon bring about a “phenomenal” tax reform plan, promising to reveal the plan in its entirety in the coming weeks. The president’s comments last week helped to revamp the market rally that occurred the month after Trump defeated former Secretary of State Hillary Clinton, causing stocks to soar at the end of last week. The rally appears to have rolled over, continuing its momentum Monday. (RELATED: Here Is How The Market Looks One Month After A Trump Win)
The S&P 500 is up 12 points, or 0.55 percent, as of 1:15 p.m. Monday afternoon. The index has skyrocketed 8.3 percent after Trump won the White House, and has not incurred more than a one percent drop since, Reuters reports.
Out of the 11 major sectors of the S&P 500, six of them posted gains Monday. The charge was led by a one percent gain in the financial sector and a 0.9 percent gain in industrials. Both sectors are viewed as standing to largely benefit from Trump’s “America First,” economic agenda.
Following Election Day, the S&P 500 had the biggest one-month rally in the its 93 years of existence. The index rose nearly 5 percent from Nov. 9 to Friday, Dec. 9. It broke the previous 30-day record set after former President Richard Nixon’s election.
The Dow Jones Industrial Average rose nearly 150 points as of Monday afternoon, with Goldman Sachs substantially contributing to the day’s gains. The benchmark index set a record in late January, ticking above 20,000 for the first time Jan. 24, 2017.
The Dow broke 19,000 for the first time Nov. 22, stemming from a market rally after President Donald Trump won the White House. It took just 13 trading days for the benchmark index to make those gains. (US Stock Markets Hit All-Time High Tuesday Morning)
There is no scheduled release of economic data this week, so investors will have their eyes locked in on Federal Reserve Chairwoman Janet Yellen’s comments on Capitol Hill Tuesday. Yellen announced in Decemeber the first increase in the federal funds rate in nearly a decade. The market did not react favorably dropping 60 points after Yellen made the announcement.
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