Donald Trump tax talk lifts Wall Street to record highs

US stocks hit record highs on Friday as investors cheered President Donald Trump's vow to unveil a major tax reform plan in the coming weeks.

Trump's promise of a ‘phenomenal’ tax plan helped reignite a post-election rally, which had stalled in recent weeks on concerns over his administrative priorities and the lack of clarity on policy reforms. "The market is saying, 'Thank you for coming back to the very core of the reasons we have accepted your agenda'," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey. The dollar index was up 0.3 per cent to a three-week high of 101.01. Gold was down 0.3 per cent. Oil prices rose two per cent after reports that Opec members delivered more than 90 per cent of the output cuts they pledged in a landmark deal that took effect in January.

Ten of the 11 major S&P 500 sectors were higher. The S&P 500 index showed 39 new 52-week highs and no new lows, while the Nasdaq recorded 106 new highs and 14 new lows.