(Reuters) - The main U. S. stock indexes hit record intraday highs on Monday, led by financials
and industrials, as the so-called "Trump trade" sparked back to life on renewed optimism about the economy.
While the rally had stalled amid concerns over Trump’s protectionist stance
and lack of clarity on policy reforms, the S&P 500 has not dropped more than 1 percent in 84 trading days, indicating investors were giving Trump the benefit of doubt.
Global markets are following the leader (U. S. stocks) after the resurgence of the "Trump trade",
Peter Cardillo, chief market economist at First Standard Financial wrote in a note.
The three main indexes closed at record highs on Thursday
and Friday rose after President Donald Trump vowed to make a major tax announcement in the next few weeks.
Investors were also comforted by the two-day U. S.-Japan summit held over the weekend apparently
having ended smoothly without Trump talking tough on trade, currency and security issues.
The S&P 500 has surged 8.3 percent since Trump’s Nov. 8 election through Friday’s close, fueled by expectations
he will lower corporate taxes, reduce regulations and increase infrastructure spending.
The S&P 500 was up 7.44 points, or 0.32 percent, at 2,323.54 and the Nasdaq Composite was up 23.61 points, or 0.41 percent, at 5,757.73.