Dow Closes at All-Time High Following Trump’s Speech to Congress

It took only 24 days to move from 20,000 to 21,000, the fastest move between milestones since the Dow moved from 10,000 to 11,000 in 1999.

On Monday, both the Dow and S&P 500 chalked record high closes after also marking intraday record highs. The resultant single-session equity put/call ratio fell to 0.63, while the 21-day moving average stayed at 0.65.

The Dow Jones industrial average fell 42 points, or 0.2 percent, to 20,795 as of 3:38 p.m.

The market has soared more than 15 percent since Donald Trump won the presidency.

In economic data, the US manufacturing sector strengthened to more than two-year highs in February as sales and overall business activity improved.

The Dow is up 1,074.84 points, or 5.4 percent. Supervalu shed 5 cents, or 1.3 percent, to $3.87.

The Commerce Department said an upward revision to consumer spending was offset by downward revisions to state and local government spending and non-residential fixed investment.

US personal income in January rose by 0.4%, while consumer spending increased 0.2%. The yield on the 10-year Treasury note climbed from the lowest close of the year, while Bloomberg’s dollar index turned green as the Fed Bank of Dallas president reiterated his view that rates should rise “sooner rather than later”. China’s PMI data are expected to show continued expansion. Britain’s FTSE 100 was up 1.1 percent. The index fell to its lowest closing level in nearly a month.

Shares of Time Warner rose, trading 1.1 percent higher as of 1.12pm in NY.

A turn toward a more hawkish Fed in recent months has boosted Wall Street’s confidence in the economy. The company’s fourth-quarter 2016 earnings handily surpassed the Zacks Consensus Estimate on the back of improved trading and mortgage banking fees. Earlier in Asia, Japan’s benchmark Nikkei 225 gained 1.4 percent, while Australia’s S&P/ASX 200 slipped 0.1 percent. It lost 51 cents the previous session. Brent crude, which is used to price global oils, was down 16 cents, or 0.3 percent, at $56.35 a barrel in London. But at least part of those worries were soothed when Trump did not mention a border tax or his plan to dismantle NAFTA, and seemed more willing to cooperate with Congress on policy issues during his address.

Reports on personal income and spending, manufacturing activity, and construction spending are also likely to attract attention.