Wall Street stock indexes ended Wednesday’s session in all-time highs as market participants got excited by the latest executive orders signed by President Donald Trump.
The Dow Jones industrial average reached a long-awaited milestone: the 20,000 points. A psychological level that’s been around for quite some time and is now behind as a support. Goldman Sachs, Caterpillar and Boeing were among the top advancers. The S&P and Nasdaq also touched historic levels, but not so relevant as the industrial benchmark.
Analysts have suggested that breaking the multizero resistance would clear the way for even bigger gains in the near future. Believe it or not, the three-zero ending creates extra media coverage, which ultimately attracts more investors and brings in more cash into the game, pushing the index even higher. People like round numbers, that’s for sure.
Dow Jones Industrial Average: +0.78 percent / 20068.51 points
Standard & Poor’s 500: +0.80 percent / 2298.37 points
Nasdaq Composite: +0.00 percent / 5656.34 points
The economic agenda on Wednesday remained almost empty. The US Energy Information Administration released their weekly inventory report showing a higher-than-expected build on crude stockpiles. According to data, inventories grew by 2.84 million barrels in the week ended January 20, surpassing a forecasted increase of 2.815 million barrels.
So far this week, President Donald Trump has signed a batch of executive orders, including a freeze of hirings for the federal government, an order to deregulate several industries, reactivate the construction of TransCanada’s Keystone XL pipeline and end the last piece of Energy Transfer Partners’ Dakota Access pipeline. Also, he signed an immediate request to withdraw the United States from the Trans-Pacific Partnership agreement.
On the data front, goods trade balance for December (Forecast: -64.50B) and initial jobless claims (Forecast: 247K) are scheduled at 13:30 GMT. Services PMI for January (Forecast: 54.4) is due at 14:45 GMT, while new home sales (Forecast: -1.0%) will be released at 15:00 GMT.