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Promises, promises.

The prospect of forthcoming details on US President Donald Trump’s budget request to Congress and infrastructure-spending programme have reignited investors’ enthusiasm, sending the Dow Jones Industrial Average and S&P 500 to new intraday record highs.

The Dow climbed as much as 0.1 per cent to hit 20,841.82 before edging back down to 20,812. The rise was led by the energy sector, which rose 1.17 per cent, followed by gains in industrials — which could stand to benefit from massive spending on new infrastructure projects. At pixel time the Dow was slightly off the 11th straight closing high it notched before the weekend.

The benchmark S&P 500, meanwhile rose 0.1 per cent to hit 2,369.18 before falling back slightly to 2,366.9. Energy stocks led the way, with that sector up 1 per cent, and real estate, financials, materials and industrials all following suit with modest gains.

Mr Trump is set to send Congress his budget request today. Tomorrow, he is due to give his first presidential address to federal lawmakers. Ahead of that, he has promised to discuss some of business’s favourite topics, including reducing taxes, infrastructure spending, streamlining regulation and boosting the defence budget.

The Nasdaq, meanwhile, was holding onto last week’s gains to hit 5,846.3 — not quite a record, but enough to push it into positive territory.

Copyright The Financial Times Limited 2017. All rights reserved.
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