The Dow Jones hits 12th record high close as Trump promises a big infrastructure announcement
The US Dow Jones index closed at a record high for the 12th day in a row on Monday after President Donald Trump promised a "big" infrastructure announcement was to come.
That marks the longest winning streak for the share index since January 1987, with the Dow Jones Industrial Average finishing 15 points higher at 20,837.
The Dow closed at record highs for 13 sessions in a row back in 1987, nine months before the Black Monday market crash.
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Boeing and UnitedHealth were among the biggest drivers for the index yesterday, while the S&P 500 also closed at a record high, thanks to a boost from energy. The tech heavy Nasdaq Composite also closed higher – 17 points higher at 5,862.
Trump is set to deliver a speech to Congress today, with Wall Street awaiting more detail on the President's spending and tax plans.
Ahead of the speech Trump said: "We're going to make it easier for states to invest in infrastructure and I'm going to have a big statement tomorrow night on infrastructure."
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He also said he will seek to boost defence spending by 10 per cent or $54bn (£43bn) in his proposed budget plans for next year. The likes of Boeing, Lockheed Martin and Raytheon rose after Trump met with state governors at the White House and said he was seeking a "historic" rise in military spending.
The comments had a ripple effect across the Atlantic yesterday too, with London-listed defence stocks edging higher on the news.