Stocks Opened in Record Territory

Stocks opened in record territory on Wednesday as investors assessed President Donald Trump’s speech. The Dow Jones Industrial Average lately advanced 211.45 points, or 1.02%, to 21,023.69. The S&P 500 climbed 19.64 points, or 0.83%, to 2,383.28. The Nasdaq Composite added 41.55 points, or 0.71%, to 5,866.98.

In his first address to a joint session of Congress late Tuesday, Trump said he wanted to boost the U.S. economy with a “massive tax relief”, overhaul the Affordable Care Act and make a $1 trillion effort on infrastructure.

Oil edged higher on Wednesday as investors took heart from strict OPEC compliance with its pledge to cut output. May Brent crude futures rose 19 cents on the day to $56.70 a barrel at 1222 GMT, while U.S. West Texas Intermediate futures for April delivery rose 9 cents to $54.10.

Best Buy Co. forecast first-quarter profit that trailed analysts’ estimates. Profit will be 35 cents to 40 cents a share, excluding some items, in the quarter through April, the company said Wednesday. Analysts estimated 49 cents, on average.