Trump’s speech helps break Dow Jones historical record pushing average over 21,000 points

President Trump.

How did President Donald Trump’s address to Congress on Tuesday effect business, finance and the economy? The next day the Dow Jones industrial average broke history by reaching over 21,000 points.

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The Dow shot up 242 points, or 1.2 percent, to 21,055 as of 10:07 a.m. Eastern Time. The Standard & Poor’s 500 index gained 24 points, or 1 percent, to 2,387. The Nasdaq composite index added 59 points, or 1 percent, to 5,885.

Small-company stocks continued to outpace the rest of the market, a bullish signal on the economy. The Russell 2000 index rose 24 points, or 1.7 percent, to 1,410.

According to the AP, some reactions to Trump’s speech resulted in:

 BANK BOOST: Investors bid up bank shares in anticipation that interest rates will rise. JPMorgan Chase climbed $2.69, or 3 percent, to $93.31. Goldman Sachs rose $5.40, or 2.2 percent, to $253.46.

LUMBER JACKED: Builders FirstSource, a maker of building materials, jumped 14.8 percent, getting a boost from rising lumber prices. The stock gained $1.92 to $14.86.

BUILD IT: Lowe’s climbed 9.1 percent to beat Wall Street’s forecasts. The stock added $6.76 to $81.13.

PUMPED: Big 5 Sporting Goods gained 13.8 percent. Its shares rose $1.85 to $15.30.

 

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