Dow extends record run to fourth straight session riding Trump rally

The Dow Jones Industrial Average closed at record high for four consecutive sessions Tuesday, leaving it within striking distance of the round-number mark of 19,000 points, as investors cheered over a strong rebound in oil prices after Donald Trump won the presidential election.

At the close, the Dow Jones Industrial Average rose 54.37 points, or 0.29 percent, to 18,923.06. The S&P 500 added 16.19 points, or 0.75 percent, to 2,180.39. The Nasdaq Composite Index jumped 57.23 points, or 1.10 percent, to 5,275.62.

A strong rebound in oil prices boosted investor sentiment. Oil prices spiked Tuesday after three sessions of losses, with both U.S. oil and Brent crude soaring nearly 6 percent, as the market saw an increasing chance for the Organization of Petroleum Exporting Countries to reach an output freeze deal by the end of this month.

Lifted by the surging oil, the energy sector leapt 2.68 percent Tuesday as the biggest advancer in the S&P 500's ten sectors.

U.S. economic data also came out positive Tuesday. The U.S. Commerce Department announced that advance estimates of U.S. retail and food services sales for October increased 0.8 percent from the previous month to 465.9 billion dollars, above market estimates of 0.6 percent.

"Consumers are back. Retail sales barely increased in July and August, but September was revised from tepid to solid and October was gangbusters. As a result, our GDP estimate was revised from 0.5 percent to 1.2 percent," said Chris Low, chief economist at FTN financial.

Meanwhile, after a 0.2 percent increase in September, U.S. import prices advanced 0.5 percent in October, also beating market consensus, the Labor Department reported Tuesday.

"Crude has been an important part, (and) earning is not an unimportant part, but as you and I discussed off camera, this is vaguely reminiscence of what happened after the Ronal Regan election," Legendary New York Stock Exchange floor trader Arthur Cashin said on CNBC Tuesday.

U.S. stocks witnessed wild swings around the country's Election Day, with the Dow notching a seven-day winning streak Tuesday following an exactly seven-day losing streak in the past 14 sessions.

Analysts thought that Trump's victory may have wide implications on multiple fronts, including trade, taxes and foreign policy, among others.

Wall Street is benefiting from Trump's anti-regulation stance versus Clinton. Clinton had several election measures viewed as adverse to Wall Street such as raising capital gains tax, further regulation and a high frequency trading transaction tax, Brendan Ahern, chief investment officer of U.S. fund company Kraneshares, told Xinhua.

"Over the next several weeks markets will digest how President Trump's policies will differ from Candidate Trump's rhetoric. Often there can be disparity between the two as there is often a movement toward a centrist view," Ahern said.

The Ronal Regan election had one month honeymoon, but then things didn't work out for the next eight month, said Arthur Cashin. Enditem