Dow hits new high after Trump's speech

A screen shows the Dow Jones Industrial Average soon after the market opened on the floor of the New York Stock Exchange in New York, US, on Mar 1, 2017.
A screen shows the Dow Jones Industrial Average soon after the market opened on the floor of the New York Stock Exchange in New York, US, on Mar 1, 2017. PHOTO: REUTERS

US stocks opened sharply higher the morning after a speech to a joint session of Congress by US President Donald Trump that won high marks from lawmakers, pundits and many Americans alike for its muscular but measured tone.

The Dow Jones Industrial Average shot up more than 200 points moments after markets opened, topping 21,000 for the first time, the US dollar jumped the most in six weeks, and Treasuries fell as investors grew increasingly confident that global economic growth is accelerating, clearing the path for higher interest rates in America.

The markets seemed to embrace the softer tone that Mr Trump struck in his first address to Congress on Tuesday, especially on such contentious issues as immigration.

Urging Americans to set aside conflict and help him remake the fabric of the country, Mr Trump spoke of the "renewal of the American spirit" and exhorted lawmakers to act swiftly on legislation to enact his policies.

His speech earned praise from Republicans, who are hoping it will turn the page on his administration's chaotic beginning and bring clarity to his policy agenda.

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A version of this article appeared in the print edition of The Straits Times on March 02, 2017, with the headline 'Dow hits new high after Trump's speech'. Print Edition | Subscribe