Business

US shares closed Monday with yet another record high

NYSE trader Image copyright Getty Images

(Close): US shares flaunted new highs on the first day of the trading week, as investors await more news of President Trump's tax reforms.

The Dow Jones ended the day 142 points higher at 20,412, while the wider S&P 500 rose 12 points to 2,328.

Meanwhile, the tech-heavy Nasdaq added 30 points to 5,763.

Apple Inc closed at a record high of $133.29 after a Goldman Sachs analyst predicted a future i-Phone could feature augmented-reality technology.

Apple is now 50% higher than lows in the first half of last year and following Monday's rise is worth $699bn.

And Botox giant Allergan agreed to take over Zeltiq Aesthetics for $2.5bn, sending the target up 13%.

The total value of the S&P 500 topped $20tn for the first time, with analysts viewing President Trump's approach as very business-friendly.

"Day after day, corporate executives from a variety of industries are being brought to the White House to consult with the president.

"Business does seem to be back in the driver's seat, and I think that's why people are willing to pay up a little bit more for stocks," said Jamie Cox, managing partner of Harris Financial Group in Richmond, Virginia.

The political climate has remained fair despite potentially difficult conversations with foreign leaders.

This week Federal Reserve head, Janet Yellen, will address Congress.

This scheduled half-yearly testimony is on Tuesday and Wednesday. She will be watched for hints on interest rate changes, although she has consistently said she will raise rates only gradually.