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US stocks climbed to new heights on Thursday, after Donald Trump said he will release a ‘phenomenal’ corporate tax announcement over the next two to three weeks.

The comments have sparked buying, with three of the more closely watched stock indices all hitting record intraday highs.

The S&P 500 was up 0.6 per cent to 2,308, while the Dow Jones Industrial Average gained 0.7 per cent to 20,192 and Nasdaq Composite rose 0.6 per cent to 5,715.

The uptick stands in contrast to muted trading earlier in the week, where the S&P 500 had not closed higher or lower by more than 0.21 per cent since last Friday.

The financial sector, which has gained the most since Mr Trump’s surprise election, led the S&P 500, rallying 1.3 per cent. It was closely followed by energy stocks, up 1 per cent.

Utilities were the only sector to lock in losses by midday. The group, which is considered a safe haven at times of doubt over Mr Trump’s economic policies, was down 0.9 per cent as investors flocked to cyclical positions. In that same vein, US Treasury yields were up 6.8 basis points to 2.39 per cent. Yields move in the opposite direction of prices.

The US oil benchmark, West Texas Intermediate, was also up 1.4 per cent to $53.07 a barrel, while Brent gained 1 per cent to $55.66.

Copyright The Financial Times Limited 2017. All rights reserved.
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