Wall Street clocked up its longest winning streak for nearly 60 years last night as investors cheered Donald Trump’s pro-business blueprint for the world’s biggest economy.
The Dow Jones Industrial Average rose 146.2 points to 26223 growing optimism about the outlook for Brexit Britain.
Sterling gained 5 per cent against the greenback last month – its strongest January since Bloomberg started collecting the data in 1971 – and was trading at $1.42 last night. Yesterday’s Wall Street rally followed the worst two days for the stock market since Trump’s election in November 2016.
Sign of the times: The Dow Jones Industrial Average rose 146.2 points to 26223 on Wednesday
The Dow fell 2 per cent on Monday and Tuesday – fuelling fears that the bull run that saw it gain nearly 8000 points since Trump defeated rival Hillary Clinton had run out of steam.
Andres Garcia-Amaya, chief executive of wealth management firm Zoe Financial, said: ‘It felt like an avalanche because we got accustomed to not seeing drops.
‘I welcome some down days to shake out players who assume the market will go up forever. It doesn’t.’
Forecasts of bumper profits from Boeing led Wall Street higher again last night.
The US stock market has been buoyed by strong corporate earnings, growing momentum in the world economy, and the economic reforms promised by Trump.
The billionaire businessman has slashed corporate taxes and pledged to spend more than £1trillion improving America’s creaking infrastructure.
‘We will build gleaming new roads, bridges, highways, railways, and waterways across our land,’ he said in his State of the Union speech. ‘And we will do it with American heart, American hands, and American grit.’