Equities slowly built up momentum as the day went on, heading higher into (mostly) uncharted territory. One of the catalysts was higher interest rates, which helped financial companies lead the way up. Stocks pared their gains once details were released about the GOP's latest tax plan.
The Industrials climbed 80 points (0.36%) to 22,240, while the Transports surged further, setting another new record high. As mentioned yesterday, this represents a Dow Theory reconfirmation of the bull market. The Nasdaq climbed 1.15% and the S&P 500 ended the day with a solid 0.58% gain.
In overseas markets, all indexes in Europe were in the green, leading the Stoxx 600 to post a 0.41% gain and the Europe Dow to close up 0.38%. In Asia, the performance was more mixed, as the Asia Dow fell 0.40%. India's Sensex was the big decliner, falling 1.39%. The Global Dow was up 0.07%.
Bonds sold off, leading to higher interest ... Log in or subscribe to continue reading.