Dow Closes Above 21,000 After Trump Speech

The speech's tone "has gone a long way for the market," according to one analyst

The Dow Jones industrial average closed above 21,000 Wednesday, a new record high that comes after President Donald Trump's first speech to Congress, CNBC reported.

The Dow leapt up more than 200 points, trading up about 1 percent. It's been just over a month since the index broke the 20,000-point mark. The S&P 500 and Nasdaq were up about 0.85 percent soon after the market opened.

Trump's speech was praised for its positive tone but he didn't give many specifics about tax reform and deregulation, two key components of the market's post-election rally.

Quincy Krosby, market strategist at Prudential Financial, told CNBC the speech's tone "has gone a long way for the market" as it "assuaged fears that his agenda was not going to be able to be passed."

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