U.S. Shares Climb to Records as Energy Stocks Lead Market HigherBy
U.S. stocks advanced Monday to record highs as investors awaited a speech tomorrow by U.S. President Donald Trump that’s expected to provide more details on his policies.
The S&P 500 Index added 0.1 percent to 2,369.73 at 4 p.m. in New York while the Dow Jones Industrial Average climbed 16 points to 20,837.44. The 30-member index has climbed for 12 straight sessions, the longest streak since 1987, according to data compiled by Bloomberg.
- Energy shares higher, up 0.9% with oil up 0.4%
- “Safety” stocks from staples, utility and phone shares all down at least 0.5% in reversal from last week
- The U.S. president is expected to lay out his plans for tax and health-care reform and infrastructure spending before a joint session of Congress Tuesday
- Trump will propose boosting defense spending by $54 billion in his first budget plan and offset that by an equal amount cut from the rest of the government’s discretionary budget, according to administration officials
- This week’s economic releases include gross domestic product and personal spending tomorrow
- Strategists expect the S&P 500 to end the year at 2,364, according to the average of 19 estimates compiled by Bloomberg.
- With more than 90% of S&P 500 firms having reported earnings so far, about three-quarters have beat profit estimates and about half have exceeded sales forecasts, according to data compiled by Bloomberg. Nine companies are reporting results today
- VIX up 5.4% to above 12 for the first time in more than a month
- After-market Monday: Tenet Healthcare (THC), Workday (WDAY), Hertz Global Holdings (HTZ), Exelixis (EXEL), Priceline Group (PCLN), Albemarle (ALB), EOG Resources (EOG), Frontier Communications (FTR)
- Pre-market Tuesday: Medicines (MDCO), Domino’s Pizza (DPZ), Valeant Pharmaceuticals (VRX), Platform Specialty Products (PAH), NRG Energy (NRG), AutoZone (AZO), Target (TGT)
- Stoxx Europe 600 Index fell 0.1% at the close, paring an earlier drop of as much as 0.4%
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