U.S. stocks extend record run after Trump's remarks

U.S. stocks kept rising Friday, with all three major indices refreshing previous day's record highs, as investors continued to cheer over President Donald Trump's promise to release a tax cut plan in the coming weeks.

The Dow Jones Industrial Average increased 96.97 points, or 0.48 percent, to 20,269.37. The S&P 500 added 8.23 points, or 0.36 percent, to 2,316.10. The Nasdaq Composite Index was up 18.95 points, or 0.33 percent, to 5,734.13.

"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 on Thursday with U.S. airline executives.

Analysts said Trump's remarks and the implication of nearly imminent movement spurred the market.

On the economic front, U.S. import prices advanced 0.4 percent in January, following a 0.5-percent increase in December, according to the Labor Department Friday.

U.S. export prices increased 0.1 percent in January, after rising 0.4 percent the previous month.

Overseas, European equities increased broadly Friday amid earnings reports. German benchmark DAX index at Frankfurt Stock Exchange inched up 0.21 percent, while British benchmark FTSE 100 Index climbed 0.40 percent.

In Asia, Tokyo stocks surged Friday, with the benchmark Nikkei index advancing 2.49 percent, as the market mood was buoyed by Trump's comments on tax cut.

For the week, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq going up 1.0 percent, 0.8 percent and 1.2 percent, respectively. Enditem