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U.S. stocks keep rising amid economic data

Xinhua, February 28, 2017 Adjust font size:

U.S. stocks rallied Monday, with the Dow Jones Industrial Average extending its record run to a 12th straight session, as investors digested a batch of economic reports.

The Dow Jones Industrial Average rose 15.68 points, or 0.08 percent, to 20,837.44. The S&P 500 added 2.39 points, or 0.10 percent, to 2,369.73. The Nasdaq Composite Index was up 16.59 points, or 0.28 percent, to 5,861.90.

U.S. new orders for manufactured durable goods in January increased 4.0 billion U.S. dollars or 1.8 percent to 230.4 billion dollars, in line with market consensus, the Commerce Department said Monday.

Meanwhile, insufficient supply levels led to a lull in contract activity in the Midwest and West of the United States, which dragged down pending home sales in January to their lowest level in a year, according to the National Association of Realtors Monday.

The Pending Home Sales Index decreased 2.8 percent to 106.4 in January from an upwardly revised 109.5 in December 2016.

Investors continued to bet on the "Trump rally" as U.S. President Donald Trump is going to deliver a speech to a joint session of Congress on Tuesday night. Markets expected Trump to unveil some elements of his plans to cut taxes, including tax cuts for the middle class, and simplification of the tax system.

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