At the closing bell, the broad-based S&P 500 was up 1.4 per cent to 2,395.59, while the tech-rich Nasdaq composite Index jumped 1.3 per cent to end at 5,902.29.
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WALL STREET: The Dow fell 25.20 points, or 0.1 percent, to 20,812.24.
Wednesday was the biggest, one-day point lift for the blue-chip index since Election Day 2016. The Dow notched 11 straight gains heading into Monday’s trading.
In small-caps, the Russell 2000 closed at 1,386.85 for a loss of 21.12 points or 1.50%. “Buyer traffic is easily outpacing seller traffic in several metro areas and is why homes are selling at a much faster rate than a year ago”.
European stocks climbed the most since November 27, rising 1.5 percent.
Perrigo dropped 10 percent to $75.72 after the drugmaker said it would delay filing its annual report and would review past accounting practices.
TRUMP SPEECH: Investors were listening closely to Trump’s speech to Congress, hoping for concrete policies to match his promises for an economic revival.
The big surprise was the drop in construction spending. The broader Topix index closed 0.75 percent higher at 1,564.69. Northrop Grumman gained $3.55, or 1.4 percent, to $248.60. Goldman Sachs rose $6.81, or 2.8 percent, to $254.90.
Trump reiterated his economic plans to increase infrastructure spending, lower taxes and promote deregulation.
However, few details on policy specifics or timing have been forthcoming, something analysts say is increasingly needed.
Traders also weighed the latest crop of company earnings and outlooks. The dollar was recently up 0.9 percent at ¥ 113.812, helping to lift Japanese companies that sells goods overseas. The stock gained $94.60 to $1,726.61.
Similarly, Trump’s promises to introduce company tax cuts and “massive tax relief for the middle class” ignores the fact that reforming the United States tax system is a hugely complicated task, and that Republican lawmakers are deeply divided over proposals for a border adjustment tax – which would push up the cost of imports.
MARKETS OVERSEAS: In Europe, Germany’s DAX was up 1.4 percent, while France’s CAC 40 was 1.6 percent higher.
Benchmark U.S. crude rose 6 cents to close at $54.05 a barrel in NY. Brent crude, which is used to price worldwide oils, fell 34 cents, or 0.6 percent, to close at $55.59 a barrel in London. The 10-year Treasury yield fell to 2.36 percent from 2.37 percent late Monday. It slipped 4 cents, or 0.1 percent, to $54.01 Tuesday. South Korea’s Kospi rose 0.3 percent. In Asia, Tokyo’s Nikkei 225 index fell 0.9 percent. Seoul’s Kospi shed 0.4 percent.
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The yen traded at 112.77 per dollar, after slipping for two days.
