· The Dow Jones Industrial Average .DJI rose 61.49 points, or 0.28 percent, to 22,118.86, the S&P 500 .SPX gained 8.37 points, or 0.34 percent, to 2,496.48 and the Nasdaq Composite .IXIC added 22.018 points, or 0.34 percent, to 6,454.28.
The major Wall Street indexes hit record closing highs on Tuesday, with financial stocks leading the charge, but gains were stunted by a decline in Apple Inc (AAPL.O) shares after it unveiled its latest line of iPhones.
The S&P 500, Dow Jones industrials and Nasdaq Composite clocked record closes, with investors drawn to riskier assets as concerns about U.S. tensions with North Korea eased and the financial impact from Hurricane Irma appeared less severe than was feared last week.
· Concerns about Hurricane Irma’s impact receded as it weakened to a tropical depression, while investors shrugged off U.S. President Donald Trump’s comments that the latest U.N. sanctions on North Korea were only a very small step and nothing compared with what would have to happen to deal with the country’s nuclear program
· While some investors cited worries about whether Apple would face supply shortages, others said traders were just taking profits.
· Stocks in Asia notched gains on Wednesday after Wall Street closed at record levels following comments about tax reform and fading investor fears.
· U.S. Treasury Secretary Steven Mnuchin said Tuesday that tax reform could be backdated to Jan. 1, 2017 as it would be a "big boon for the economy." Mnuchin also told CNBC that the Trump administration was "super focused" on ensuring tax reform would be completed by the end of the year.
Mnuchin's comments also supported the rise in U.S. Treasury yields, which climbed on data releases stateside. Yields of the 10-year U.S. Treasury note stood around 2.17 percent on Tuesday, having risen from the 2.13 percent seen on Monday.
· Japan's Nikkei 225 rose 0.45 percent in early trade as the dollar strengthened further against the yen. Major exporters extended gains made in the previous session, with automakers, banks and most tech companies trading higher.
Reference: Reuters, CNBC
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