Boosted by energy shares, Dow snags 12th consecutive record close

Energy shares helped the Dow to a 12th consecutive record close — its longest such streak since January 1987.

The Dow Jones Industrial Average ended the day 0.1 per cent higher at 20,837.37. Meanwhile, the S&P 500 also rose 0.1 per cent to close at a record high of 2,369.72, while the Nasdaq Composite finished the day 0.2 per cent higher at 5,855.40. The modest advance in US stocks arrives as investors await US president Donald Trump’s remarks to a joint session of Congress on Tuesday.

Investors are likely to watch for details on tax legislation and Mr Trump’s promised fiscal stimulus plans. But “President Trump’s address to Congress on February 28 will likely be focused on the accomplishments of his administration over the past four weeks and will provide little detail on the path forward,” Sireen Harajli, FX strategist at Mizuho Americas, said.

Meanwhile, the yield on the 10-year US Treasury, which moves inversely to price, rose by 5 basis points to 2.363 per cent.

Elsewhere, gold prices lost their vim and were 0.5 per cent lower at $1,251.01. The move lower partly came as federal fund futures pointed to a 50 per cent chance that the Federal Reserve raises interest rates when it meets next month, according to Bloomberg calculations. Higher rates drag on the precious metal which offers no yield.