US close: Trump tax pledge sends shares soaring
US shares ended higher again on Wednesday as investors reacted positively to President Donald Trump's pledge to take an axe to business and personal taxes along with a set of positive economic data.
The S&P 500 made it seven gains in a row with the Down Jones notching a fifth successive positive session. The Nasdaq 100 also closed the day in the black.
Shares were boosted immediately after Trump's remarks on his “massive tax plan”, made in a meeting with retail executives.
“We’re going to provide tax relief for families, we’re going to simplify very greatly the tax code, it’s too complicated. We’re going to bring down the number of alternatives. It’s going to be a much much simpler tax code,” he said.
US airline shares soared as billionaire investor Warren Buffett's Berkshire Hathaway increased its investment in the sector.
American Airlines, Delta Air Lines, United Continental Holdings and Southwest Airlines were all gainers on the back of the news.
Shares in Fortress Investment Group were up 28% after Japan’s SoftBank agreed to buy the asset manager for $3.3bn.
Procter & Gamble rose on news that activist investor Trian Fund Management revealed a new stake in the consumer-products company worth more than $3bn.
On the economic front, U.S. retail sales rose more than expected in January as households bought electronics and a range of other goods, in an indicator of strong domestic demand.
Retail sales rose 0.4% in January and December's figures revised upwards to 1% from the previous figure of 0.6%, the Commerce Department said.
US consumer prices also sped past forecasts in January, with a key measure of 'core' inflation coming in significantly ahead of market forecasts.
Headline consumer prices rose by 0.6% over the month, according to the Bureau of Labor Statistics. Economists had pencilled in a gain of 0.3% on the month.
Dow Jones - Risers
Procter & Gamble Co. (PG) $91.11 3.70%
Pfizer Inc. (PFE) $33.47 2.18%
Cisco Systems Inc. (CSCO) $32.74 1.32%
JP Morgan Chase & Co. (JPM) $90.60 1.16%
Caterpillar Inc. (CAT) $98.95 0.88%
International Business Machines Corp. (IBM) $181.64 0.84%
Visa Inc. (V) $87.50 0.74%
Unitedhealth Group Inc. (UNH) $164.29 0.71%
Johnson & Johnson (JNJ) $117.16 0.69%
Home Depot Inc. (HD) $142.21 0.60%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $65.20 -0.70%
Verizon Communications Inc. (VZ) $48.07 -0.41%
E.I. du Pont de Nemours and Co. (DD) $77.90 -0.19%
Microsoft Corp. (MSFT) $64.49 -0.13%
Walt Disney Co. (DIS) $110.21 -0.11%
Wal-Mart Stores Inc. (WMT) $68.63 -0.04%
Chevron Corp. (CVX) $112.50 -0.02%
3M Co. (MMM) $181.60 -0.00%
Coca-Cola Co. (KO) $40.53 0.00%
American Express Co. (AXP) $79.52 0.14%
S&P 500 - Risers
FLIR Systems Inc. (FLIR) $36.97 8.05%
Endo International Plc (ENDP) $13.65 7.91%
Analog Devices Inc. (ADI) $81.60 4.83%
Wyndham Worldwide Corp. (WYN) $85.69 4.76%
NRG Energy Inc. (NRG) $17.50 4.23%
Mylan Inc. (MYL) $42.44 4.15%
Procter & Gamble Co. (PG) $91.12 3.71%
Southwest Airlines Co. (LUV) $57.29 3.47%
Perrigo Company plc (PRGO) $84.90 3.37%
Gilead Sciences Inc. (GILD) $69.81 3.35%
S&P 500 - Fallers
American International Group Inc. (AIG) $60.90 -9.03%
CF Industries Holdings Inc. (CF) $34.47 -5.09%
Devon Energy Corp. (DVN) $44.23 -3.52%
Diamond Offshore Drilling Inc. (DO) $17.63 -3.37%
Freeport-McMoRan Inc (FCX) $15.36 -3.36%
Helmerich & Payne Inc. (HP) $68.72 -2.73%
Kimco Realty Corp. (KIM) $24.15 -2.07%
Martin Marietta Mtrl (MLM) $221.79 -2.04%
Chesapeake Energy Corp. (CHK) $6.32 -1.94%
Hess Corp. (HES) $51.03 -1.82%
Nasdaq 100 - Risers
Analog Devices Inc. (ADI) $81.60 4.83%
Mylan Inc. (MYL) $42.44 4.15%
Gilead Sciences Inc. (GILD) $69.81 3.35%
Sirius XM Holdings Inc (SIRI) $4.89 3.06%
Celgene Corp. (CELG) $120.48 2.96%
Biogen Inc (BIIB) $292.63 2.63%
JD.com, Inc. (JD) $30.15 2.45%
NetEase Inc. Ads (NTES) $261.85 2.24%
Amgen Inc. (AMGN) $171.79 2.23%
Electronic Arts Inc. (EA) $87.95 2.20%
Nasdaq 100 - Fallers
Incyte Corp. (INCY) $120.94 -1.93%
Verisk Analytics Inc. (VRSK) $83.77 -1.55%
CSX Corp. (CSX) $47.34 -1.38%
Dollar Tree Inc (DLTR) $78.74 -1.33%
Tractor Supply Company (TSCO) $72.74 -0.90%
Illumina Inc. (ILMN) $163.28 -0.72%
Liberty Global Plc Lilac Class A (LILA) $22.32 -0.71%
Symantec Corp. (SYMC) $28.51 -0.59%
Western Digital Corp. (WDC) $76.01 -0.52%
T-Mobile Us, Inc. (TMUS) $61.29 -0.50%