Saturday, 24 December 2016

Wall Street rises, Dow racks up seventh straight weekly gain

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Wall Street ended the week on a positive note on Friday as investors doubled down on a rally fuelled by optimism that President-elect Donald Trump's policies will boost economic growth. The Dow Jones Industrial Average, which briefly came within striking distance of the historic 20,000 level earlier this week, recorded its seventh straight weekly gain. 

Following a rally since the November 8 US election, the Dow is up about 14 percent for the year and the S&P 500 is 11 percent higher on bets that the economy will benefit from Trump's plans for deregulation and infrastructure spending. Additional gains will depend on how quickly and successfully Trump can deliver on his promises and whether he meets resistance from a US Congress reluctant to widen the budget deficit, many investors believe.

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