A record week on Wall Street continued as the major averages hit fresh record levels and the Dow Jones Industrial Average traded above 19000 for the first time ever.
After touching its all-time high, the Dow trimmed gains, rising 21 points or 0.12 % to 18978, while the S&P 500 traded along the unchanged line at 2197, and the Nasdaq Composite ticked up 9 points, or 0.17% to 5378.
Wall Street’s continued momentum came after notching closing highs on the Dow, S&P, Nasdaq, and Russell 2000 indexes during the prior session — the first time all four averages set new highs simultaneously since December 1999.
Since the surprise outcome of the U.S. election two weeks ago in which Donald Trump secured the White House, the Dow has rallied more than 667 points, or 3.64% as Wall Street has cheered the prospects of a round of infrastructure spending, renegotiated global trade deals, and a drawdown in regulation.
“Almost as surprising as the election result has been the market reaction,” said Joshua Feinman, chief global economist at Deutsche Asset Management. “There is a good chance of some significant fiscal stimulus, including tax cuts, tax reform, and infrastructure spending, which should boost growth and with the economy already close to full employment, help lift inflation back to target.”