The Dow Jones Industrial Average and S&P 500 hit new highs on Friday, buoyed by President-elect Trump’s proposals for tax cuts and regulatory easing.
The S&P 500 gained 0.56 per cent, reaching 6,032.38, while the Nasdaq Composite advanced 0.83 per cent to 19,218.17. The Dow rose by 188.59 points, or 0.42 per cent, closing at 44,910.65. Both the Dow and S&P 500 set new intraday and closing records.
Much of the upward momentum was driven by chip stocks, which surged after Bloomberg reported that the Biden administration was considering additional restrictions on the sale of semiconductor equipment to China, though these measures were expected to be less stringent than initially anticipated.
In commodities, iron ore futures contracts in Singapore rose 1.3 per cent to $104.40 per tonne on Friday, marking the steel-making material’s second consecutive weekly gain.
The price rebound has been driven by speculation that Beijing might need to implement additional fiscal stimulus in response to threats from Mr. Trump to impose tariffs of up to 60 per cent on Chinese goods.
Looking ahead, the Australian market is expected to open higher on Monday with futures pointing to a 0.3 per cent gain.
The ASX 200 is now within striking distance of its all-time high of 8,477.1. The local share market enjoyed a strong November with the ASX 3.4 per cent higher.
Investors will be eyeing the retail sales figures due later today.
In company news, Metcash will post its half-year results and Downer’s sale of the Spotless New Zealand catering business to Doltone Hospitality Group.
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