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U.S. stocks end at record highs on Trump comments

Xinhua, February 10, 2017 Adjust font size:

U.S. stocks rallied Thursday, with all three major indices closing at record highs, after President Donald Trump said to give an announcement regarding taxes in the next few weeks.

The Dow Jones Industrial Average rose 118.06 points, or 0.59 percent, to 20,172.40. The S&P 500 added 13.20 points, or 0.58 percent, to 2,307.87. The Nasdaq Composite Index gained 32.73 points, or 0.58 percent, to 5,715.18.

"Lowering the overall tax burden on American business is big league ... that's coming along very well. We're way ahead of schedule, I believe. And we're going to announce something I would say over the next two or three weeks that will be phenomenal in terms of tax," Trump said in a meeting with U.S. airline executives, according to the CNBC.

Meanwhile, St. Louis Federal Reserve President James Bullard said U.S. interest rates can remain low throughout at least 2017, with no clear sense yet of whether the new Trump administration's policies will touch off higher inflation or growth.

On the economic front, in the week ending Feb. 4, the advance figure for seasonally adjusted initial claims was 234,000, a decrease of 12,000 from the previous week's unrevised level of 246,000, the U.S. Labor Department announced Thursday.

In corporate news, shares of Twitter plunged 12.34 percent to 16.41 U.S. dollars apiece Thursday, after the social media giant posted weaker-than-expected financial results for the fourth quarter of 2016.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the fourth quarter of 2016 are expected to rise 8.3 percent year on year, while the revenues are forecast to increase 4.3 percent. Enditem