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Dow tops 21,000; Snap sets price

Wednesday, March 01, 2017 - 01:49

President Donald Trump's speech before Congress reignited the rally on Wall Street. Fred Katayama reports.

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The Dow broke above the 21,000 level for the first time Wednesday, hitting another all-time high ... as the dollar and bond yields rose. Reigniting the rally: President Donald Trump's measured tone in his speech to Congress Tuesday night. First Standard Financial's Peter Cardillo: SOUNDBITE: PETER CARDILLO, CHIEF MARKET ECONOMIST, FIRST STANDARD FINANCIAL, (ENGLISH) SAYING: "I think because he's sort of like offered an olive branch to people, you know. He's been depicted as a rough individual sometimes even being called a dictator. And I think last night's speech may have changed that, at least for now." A source tells Reuters the parent of Snapchat, Snap, priced 200 million shares at $17 per share. That's above the indicated range of $14-16. The company goes public Thursday. Investors bought bank stocks on higher hopes of an interest rate cut in March. New York Fed President William Dudley said the case for raising rates had become "more compelling." Automakers shares rising after GM and Ford's February sales beat expectations. Lowe's shares helped pull up the S&P 500. The home improvement chain's quarterly existing store sales jumped higher, and it issued a bullish sales forecast for the full-year. Also up: Mylan. Quarterly revenue rose more than 31 percent at the generic drugmaker. The purchase of Swedish drugmaker Meda beefed up results. Best Buy stock fell. The U.S.' largest electronics retailer surprised Wall Street by posting a drop in same-store sales in the holiday quarter. In economic news, inflation recorded its biggest monthly increase in four years in January. President Trump's pledge to spend $1 trillion on infrastructure boosted basic resource stocks in Europe and drove the markets higher.

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Dow tops 21,000; Snap sets price

Wednesday, March 01, 2017 - 01:49