U.S. shares end at record highs for second day, oil steadies

Tue Nov 22, 2016 4:32pm EST
 
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By Sam Forgione

NEW YORK (Reuters) - Wall Street's three main stock indexes ended at record highs for a second straight day on Tuesday, while European shares also rose on expectations that markets would benefit from U.S. President-elect Donald Trump's policies.

Moderate gains led the Dow to close above the 19,000 mark and the S&P 500 to end above 2,200 for the first time ever, while the Nasdaq and small-cap Russell 2000 .RUT also hit record closing highs for the second day.

In Europe, the pan-European STOXX 600 index .STOXX and the FTSEurofirst 300 .FTEU3 of top regional shares climbed to their highest levels since Nov. 10.

Declines in U.S. healthcare stocks restrained U.S. indexes' gains, however. U.S. shares have rallied since the Nov. 8 U.S. election as Trump has promised tax cuts, higher spending on infrastructure and simpler regulations in the banking and healthcare industries. [nZXN0RVT2I]

A sharp rally in metals prices and mining stocks boosted European shares, with the European Basic Resources index .SXPP closing up more than 3.4 percent. [nL8N1DN5GZ]

"Strength begets strength. The more we can continue to rally, the more people who are on the sidelines want to jump in, especially because there's so much cash on the sidelines," said Adam Sarhan, chief executive of 50 Park Investments.

MSCI's all-country world equity index .MIWD00000PUS was last up 1.07 points, or 0.26 percent, at 413.37.

The Dow Jones industrial average .DJI closed up 67.18 points, or 0.35 percent, at 19,023.87. The S&P 500 .SPX gained 4.76 points, or 0.22 percent, at 2,202.94. The Nasdaq Composite .IXIC added 17.49 points, or 0.33 percent, at 5,386.35.   Continued...

 
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. November 18, 2016. REUTERS/Brendan McDermid