Wednesday, 22 February 2017

Wal-Mart helps Wall Street's record-setting rally march on

US stocks rose to fresh record highs on Tuesday, boosted by strong earnings reports from Wal-Mart and Home Depot and continued optimism about the economic agenda of President Donald Trump. Wal-Mart's shares were the top gainer in the Dow Jones Industrial Average, rising 3 percent after the world's largest retailer reported higher-than-expected US sales. Home Depot shares gained 1.4 percent after the home improvement retailer reported higher-than-expected quarterly profit and sales, boosted by a strong US housing market. 

In broad gains that saw all 11 major S&P 500 sectors close higher, nearly one in every five stocks on the benchmark index hit a new 52-week high. The S&P has climbed 10.6 percent since Trump's Nov. 8 election, sparked by the promise of tax reforms, reduced regulations and increased infrastructure spending.

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