US stocks in record territory during opening trade

Major US equity indices opened slightly higher and traded in record territory during opening trade on Thursday amid increasing bets on Trump administration’s promised fiscal stimulus policies. 

At the time of writing, the Dow Jones Industrial Average added over 30-points to 20,100, while the broader S&P 500 Index gained around 2-point and touched 2,300 round figure mark. Meanwhile, tech-heavy Nasdaq Composite Index climbed 12-points and rose to 5,668 level.

Meanwhile, looking at the assessment of corporate earnings seasons, a host of positive results on Wednesday revealed that current market valuations are justified by fundamentals and could accelerate further if Trump delivers on his promises for a massive corporate tax cuts and deregulation.

Technical outlook

Carol Harmer, Founder at charmertradingacademy.com notes, "Now we went through the fib extensions yesterday  and the R2 and the 23.6 extension is located at 2308....the measured target from the break point of 2282 is 2330.....now the 50% fib extension is at 2334  so  you can see where the universe is trying to draw us....If we stay above the designated area of 2284/82 then the market will be drawn higher overall..."