Off the wire
• Gold futures fall after Trump's speech to Congress  • Number of visitors to Malta up by 21.8 pct in January  • U.S. stocks soar after Trump speech  • Belarus, Georgia agree to strengthen relations  • 11 killed in gang clash in southeast Mexico  • French president rejects Fillon's allegations of bias in justice system  • BiH confirms second bird flu case within month  • Slovakia, Hungary sign agreement on new electricity connections  • U.S. economy continues steady expansion with tightening labor market  • U.S. dollar climbs on Fed officials' comments  
You are here: 　 Home

U.S. stocks soar after President Trump's speech

Xinhua, March 2, 2017 Adjust font size:

U.S. stocks surged Wednesday, with all three major indices closing at record highs, as investors cheered over President Donald Trump's speech to Congress delivered Tuesday night.

The Dow Jones Industrial Average jumped 303.31 points, or 1.46 percent, to 21,115.55. The S&P 500 leapt 32.32 points, or 1.37 percent, to 2,395.96. The Nasdaq Composite Index gained 78.59 points, or 1.35 percent, to 5,904.03.

Investor euphoria was ignited by Trump's economic plans, which he described in his first address to a joint session of Congress. He outlined plans for a 1-trillion-U.S.-dollar infrastructure investment, health care reform, immigration reform and tax relief for businesses and the middle class, according to the CNBC.

It is widely thought that Trump's address to the Congress was fairly conventional and delivered a desire to move past the turmoil and partisan division rampant in his first month in the White House.

Some analysts believed that the absence of protectionist comments as well as overall tone that was perceived as "presidential" instilled confidence among investors, sending equity markets higher.

On the economic front, U.S. personal income increased 63 billion dollars, or 0.4 percent, in January, beating market consensus of 0.3 percent, said the Commerce Department. Personal income increased 3.6 percent in 2016, compared with an increase of 4.4 percent in 2015.

U.S. manufacturing activity in February accelerated to the fastest pace since August 2014, a sign of growing momentum for the economy.

The manufacturing index, also known as the purchasing managers index (PMI), registered 57.7 in February, an increase of 1.7 points from the previous month, the Institute for Supply Management (ISM) said in a report on Wednesday.

"'Animal spirits' have been stirring since the election. So far, the hard data has not followed. Increasing confidence and plans of expansion will determine the growth story in 2017 only if it spurs real economic activity," said Jay Morelock, an economist at FTN Financial, in a note. Enditem