Wall Street rallies to huge gains, record closing

XOM Underperforming S&P 500

While Trump's speech lacked details on his plans for tax reform and replacing Obamacare, investors seem relieved that he struck a softer, more optimistic tone.

Wall Street finished slightly higher Monday with a 12th straight record close for the Dow Jones Industrial Average.

The Dow Jones Industrial Average dropped 25.2 points, or 0.1%, to settle at 20,812.24 on Tuesday. Of course, even if the shares struggle today, they could be in store for a short-term boost after leaving the S&P 500 Index (SPX) on Thursday. The Standard & Poor's 500 index gained 1.4 percent, to close at 2,395.96 in its biggest single-day gain. Japan's Nkkei 225 gained 13 percent to hit 14-month highs while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7 percent.

"It's nice to see the Dow put another thousand figure up so quickly", said Paul Christopher, head global market strategist for Wells Fargo Investment Institute.

"There is lingering fear that he is more of a populist and less of a capitalist", Manley said. On the Big Board, decliners outpaced advancers by 1.8-to-1, and on the Nasdaq, decliners led by 3.5-to-1.

Frontier Communications (FTR) posted a steep loss, tumbling by 10.9% after reporting a wider than expected fourth quarter loss.

According to the data released by Institute for Supply Management, the manufacturing PMI in February rose to 57.7. Eastern, and San Francisco Fed President John Williams is on tap to talk about the economic outlook at the chamber of commerce in Santa Cruz, Calif., at 3:30 p.m.

Australian shares snapped a five-day losing streak as mining and banking stocks surged on optimism about the US economy. Trump will not only encourage "big" infrastructure spending, but has also called for a "historic" increase in spending to rebuild the country's "depleted military" at a time it is required the most.

"Sentiment keeps improving", McMillan said. Sterling has rejected (http://www.marketwatch.com/story/signet-lashes-out-at-media-for-distorted-and-inaccurate-reports-on-sexual-harassment-2017-02-28) the media reports.

In his primetime speech, Trump cataloged steps his administration had already taken to cut regulatory measures meant to stave off corruption or protect consumers and the environment, but which can also create hurdles and reduce profits for corporations.



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