US stocks end at record highs

US stocks rallied on Friday, with all three major indices refreshing closing records, as investor sentiment remained bullish ahead of the Presidents' Day holiday.

The Dow Jones Industrial Average rose 4.28 points, or 0.02 per cent, to 20,624.05, Xinhua news agency reported.

The S&P 500 added 3.94 points, or 0.17 per cent, to 2,351.16. The Nasdaq Composite Index was up 23.68 points, or 0.41 per cent, to 5,838.58.

US stocks initially fell in the early morning trading as investors became cautious after recent sharp gains, but then ticked up as many investors continued to make bullish bets on the so-called Trump rally.

US stocks have posted solid gains since President Donald Trump won the presidential election, as investors believed that he would pursue massive corporate tax cuts, deregulation and infrastructure spending.

On Thursday, US stocks finished narrowly mixed, with the Dow extending its record run to a sixth straight day, amid a batch of generally upbeat economic reports. Till Thursday, the Dow had risen 12.5 per cent since the Election Day.

The US stock markets will be closed Monday for the Presidents' Day holiday.

For the week, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq jumping 1.7 per cent, 1.5 per cent and 1.8 per cent, respectively.

--IANS

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