U.S. equities and stock exchange traded funds pushed to record intraday highs Monday, with the benchmark S&P 500 gathering over $20 trillion in combined market-capitalization for the first time, as investors grew more optimistic on President Donald Trump’s promised expansionary policies.
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 Monday.
Stocks maintained their momentum Monday after another record week in response to Trump’s pledge to announce a major tax cut in the weeks ahead.
U.S. markets have jumped since the presidential elections but stalled in the new year as investors waited on further clarity from the Trump administration.
“At some point there has to be actions that match the words and I think we are getting closer to that point,” Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, told Reuters.