Stock markets in the U.S. continued their march on Tuesday, rising to record levels that sent the Dow Jones Industrial Average (DJIA) above 19,000 for the first time ever. A day after four major U.S. indices all made record highs on the same day, the Dow Jones added 45 points at the 9:30 a.m. open to hit 19,002.
Energy and commodity stocks led the gains as investors remain confident that President-elect Donald Trump and the Republicans will follow through with their ambitious fiscal spending plans and tax cuts. Helping equity gains was news that OPEC are close to reaching a deal that will see production cut to somewhere between 32.5 million and 33 million barrels per day. (See also: Trump Outlines Policy Plans in New Video.)
The Dow Jones started the year falling 12 percent in January, as fears of a slowdown in China and plummeting oil prices weighed on investor sentiment sending the price weighted index to 15,450. Since the January sell-off, the Dow has recorded gains in seven of the following nine months of 2016, and is on pace for eight of ten. Month-to-date the Dow Jones is up 4.7 percent.
Elsewhere, the S&P 500, Nasdaq and Russell 2000 all made record highs again today. The Russell is on track for its 13th consecutive up day, the longest streak since 1996.
At 11 a.m. EST all major indices had pared earlier gains but remained in the green for the day. After trading above $49 a barrel Crude Oil has fallen back to $47.75 a barrel.