U.S. equities and stock exchange traded funds have regained their momentum, with the Doe Jones Industrial Average crossing over the 20,000 for the first time.
The Dow was trading up 0.8% to 20,068.4 at last check while Dow-related ETFs, the SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA), which tracks the Dow Jones Industrial Average, and the Guggenheim Dow Jones Industrial Average Dividend ETF (NYSEArca: DJD), which weighs the 30 Dow stocks by yield, were up 0.8% and 0.6%, respectively.
Meanwhile, the S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.7% higher Wednesday.
Supporting the market moves, President Donald Trump’s expansionary policies reignited the post-election rally. Since taking office, Trump has made several business-friendly initiatives, including executive orders to cut regulatory burden on domestic manufacturers and clearing the way for construction of oil pipelines, Reuters reports.
“With a swift move towards signing executive orders, coupled with underlying positive economic data, clarity has begun to hit the headlines, and all the US indexes are celebrating,” Quincy Krosby, market strategist at Prudential Financial Inc. told Bloomberg. “Clarity is the markets’ oxygen.”
Markets have previously been stuck in sideways trading as participants waited on further clarity or action from Trump and his administration.