US stocks extend rally, hit all-time intraday trading highs
|US stocks built on to four-days of record closing highs, with all the three major indices touching all-time intraday high levels on Wednesday ahead of the Fed Chair Janet Yellen's second day of testimony.
At the time of reporting, the Dow Jones Industrial Average was up around 30-points to 20,530, while tech-heavy Nasdaq Composite added nearly 5-point and rose to 5,788. Meanwhile, the broader S&P 500 Index was at yesterday's closing level near 2,337.
Tuesday's upbeat assessment of the US economy by the Fed Chair Janet Yellen, against the backdrop of expected pro-growth economic policies by the US President Donald Trump, underpinned market optimism. Moreover, Wednesday's upbeat US economic data further reinforced expectations of stronger US economic growth and further collaborated to upbeat sentiment, driving stocks to record high levels.
Data released on Wednesday showed yearly inflation rising at the fastest pace in four years, while monthly retail sales recorded a better-than-expected growth during the month of January and bolstered the prospects for an eventual Fed rate-hike action, sooner-rather-than-later.
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