On Wednesday U.S. equity were traded higher as the Dow and S&P hit record high.
“I think this is more momentum from the Trump rally,” said Adam Sarhan, CEO at 50 Park Investments. “You’ve got the financials, transports, steel stocks, small and mid-cap stocks all trading higher. The areas that have worked [since the election] continue to work.”
The Dow Jones Industrial Average rose 1.55 percent to 19,549.63 at 4 p.m. in New York while the S&P 500 Index increased 29.12 points to 2,241.35.
Cyclical Goods and Telecommunications sector led the gains, increasing 1.86 percent and 1.71 percent respectively. While healthcare sector was the only one to retreat, dropping 0.8 percent as President-elect Donald Trump said “I’m going to bring down drug prices.” Pfizer Inc. was down 1.2 percent, the biggest slide in the Dow.
“We’ve obviously had a pretty significant run over the past few weeks, but with hardly any down days,” said Art Hogan, chief market strategist at Wunderlich Securities. “The market is trying to price in a paradigm of fiscal stimulus and deregulation.”