Stocks rose Monday as the Dow closed at a record high for a twelfth straight day, something it hasn’t done since Jan. 1987 when it ran off 13 straight record closes to start the year, according to Bespoke Investment Group.
The Dow Jones industrial average rose 15.68 points, or 0.1%, to 20,837.44. The Standard & Poor’s 500 index added 2.39, or 0.1%, to 2369.73 and the Nasdaq composite index gained 16.59, or 0.3%, to 5861.90.
Energy stocks led the gainers as the price of crude rose. Benchmark U.S. crude was up 20 cents, or 0.4%, at $54.15 a barrel in New York. The contract fell 46 cents on Friday.
Investors were looking ahead to President Donald Trump’s speech to Congress on Tuesday for details of promised tax cuts and infrastructure spending. U.S. stocks have benefited from Trump’s promise of pro-business changes, but investors are waiting to see how large and rapid those changes will be.
During a meeting with governors Monday, Trump noted that his upcoming budget would include a big boost to defense spending. The White House separately said that the budget would include a $54 billion increase in defense spending while imposing corresponding cuts to domestic programs and foreign aid.
Investors were also looking ahead to Trump’s speech Tuesday to a joint session of Congress for details of how he plans to carry out promises to cut taxes and step up infrastructure spending.
n Europe, Germany’s DAX rose 0.2%, while France’s CAC-40 was flat. London’s FTSE-100 added 0.1% Major indexes in Asia posted losses. Tokyo’s Nikkei 225 index fell 0.9%. Hong Kong’s Hang Seng slid 0.2%. Seoul’s Kospi shed 0.4%.