A US equity market surge since the presidential election – bolstered by the rising oil price as Opec member countries meet in Vienna – is showing no signs of slowing just yet.
The rally has pushed the three major equity benchmarks – the Dow, the S&P 500, and the Nasdaq Composite – to simultaneous records in recent weeks.
The initial market jump after Republican candidate Donald Trump won the US election on 8 November has been spurred on by hopes he will announce big spending on US infrastructure for the coming year.
Today the Dow breached 19,000 for the first time, touching 19007, before slipping back to 18,991, up 0.18 per cent.
The Dow, from 1900 ... all the way to 19,000. pic.twitter.com/3eYn1zau5Z— Jamie McGeever (@ReutersJamie) November 22, 2016
Both the Nasdaq Composite – up 0.37 per cent and the S&P 500 up by 0.23 per cent – opened at new peaks today in New York.
It's thought comments made by Donald Trump on Youtube last night that he will cancel US commitment to the Trans-Pacific Partnership (TPP) trade deal on his first day in office may have given the Dow the extra boost it needed to breech the psychological barrier.
Connor Campbell, Spreadex financial analyst in London, said:
The news that Donald Trump is set to remove the US from the TPP agreement on his first day of office may have been a boost, as in theory it could help secure jobs inside the country (though that is up for debate).
The reaction on the New York Stock Exchange trading floor appears to have been muted however.
Maybe it will be louder at NYSE if/when Dow tops 20K. Some cheers just after Dow hit a new record. But nothing crazy. Now it's quiet again.— Paul R. La Monica (@LaMonicaBuzz) November 22, 2016