Business

Dow ends at record high for 10th session

  • 24 February 2017
  • From the section Business
Wall Street Trader Image copyright Getty Images

(Close) The Dow Jones Industrial Average hit a tenth consecutive record highs on Thursday as a rally in oil prices added to optimism about Donald Trump's proposed tax reforms.

Oil prices surged 2% on Thursday after a surprise decline in US inventories.

The Dow rose 0.2% to 20,810 points, while the S&P 500 just scraped into positive territory, up 0.1% at 2,363 points.

The tech-heavy Nasdaq Composite fell 0.4% to 5,835 points.

Johnson & Johnson shares topped the Dow, rising 1.8%, while Pfizer added 1.4%.

Caterpillar was the biggest faller, shedding 2.7%.

Shares in electric car maker Tesla fell 6.4% on the Nasdaq after the company's mixed quarterly results on Wednesday, with losses narrowing in the fourth quarter and revenues rising.

US stocks have been on a record-setting rally in the past two weeks after Mr Trump said his administration would make a major tax announcement in the coming weeks.

On Thursday Treasury Secretary Steven Mnuchin told CNBC that he expected a "very significant" tax reform to be enacted by Congress' August recess.

"There is an incremental buy on the market everyday," said Drew Forman, of Macro Risk Advisors in New York.

"However, people are getting complacent... and we're going to need to see some results from the president and the government on some of these policies before we see a huge breakout."