Wall Street closes at record high after Trump's moves

 26 Jan 2017 - 11:04

Wall Street closes at record high after Trump's moves

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NEW YORK: Indexes on Wall Street closed at an all-time high Wednesday as President Donald Trump swiftly moved on economic and energy goals in last two days, providing confidence for investors.

The Dow added 155 points to finish the day at 20,068 and the S&P rose 18 points to 2,298. The Nasdaq increased 55 points to 5,656.

While the Dow finally climbed above the 20,000-point milestone for the first time after flirting with the mark for weeks, all indexes closed at record levels.

Trump said Monday he would remove at least 75 percent of regulations on businesses and followed that up a day later by promising to reduce taxes on American companies to bring manufacturing back to the U.S.

He also signed executive orders to allow the construction of the controversial North Dakota Access and Keystone XL oil pipelines.

As a result, banking giant Wells Fargo saw its shares increase 3.5 percent and General Motors stock prices rose 3.4 percent.

Trump's quick steps toward meeting some of his major campaign promises have reassured investors who have taken a buying position, according to analysts.