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U.S. stocks trade in untouched territory on bullish sentiment

Xinhua, February 14, 2017 Adjust font size:

U.S. stocks extend gains in the morning session Monday as U.S. President Donald Trump's comments on tax cut last week ignited investor euphoria.

By midday, the Dow Jones Industrial Average rose 117.40 points, or 0.58 percent, to 20,386.77. The S&P 500 added 9.53 points, or 0.41 percent, to 2,325.63. The Nasdaq Composite Index gained 27.12 points, or 0.47 percent, to 5,761.24.

Last week, Trump said his administration will be announcing a "phenomenal" tax plan over the next two to three weeks.

Boosted by Trump's remarks, the so-called "Trump rally" regained momentum last week. On Friday, U.S. stocks kept rising, with all three major indices refreshing previous day's record highs, as investors cheered over Trump's promise.

Some analysts believed that the market's record-setting advance still has room to run.

U.S. stocks have posted solid gains since Trump won the presidential election, as investors bet that he would pursue massive corporate tax cuts, deregulation and infrastructure spending.

In corporate news, shares of Teva Pharmaceutical Industries Limited jumped over 5 percent around midday Monday after the drug maker reported better-than-expected quarterly results.

There are no major economic data due Monday. Endit