After rallying for five consecutive trading days to record highs, the S&P 500 reached a new high of 2,349.25 on Wednesday. The expectation of pro-growth economic policies from President Trump lifted the market sentiment and triggered a rally. The market is reaching record highs daily as we move closer to the policy announcement.
After meeting with CEOs from the information technology and healthcare industries, President Trump met retail sector CEOs on Wednesday. President Trump commented that the government is focusing on issues that promote economic growth. The sentiment has been getting stronger this week due to Trump’s comments about his policies that boost the economy. Last week, Trump said that he’s going to announce “phenomenal” tax cuts.
FLIR Systems (FLIR) and Endo International (ENDP), an international technical professional services firm (ADI), were the top gainers of the S&P 500 on Wednesday. FLIR Systems—a world leader in design and production of thermal imaging cameras, components and imaging sensors—rose 8.1% on Wednesday. According to the company’s announcement on February 15, FLIR Systems was awarded a $50 million contract by the U.S. Coast Guard for integrated navigation electronics.
On Wednesday, the S&P 500 started the day higher and rose 0.5% to record levels by maintaining strength throughout the day. The S&P 500 VIX Index (CBOE Volatility Index) measures uncertainty in the market. On February 15, it rose 1.2% to 11.45. It’s measured on a scale of 1–100 with 20 as the historic average. It’s also called the “fear index.” It generally moves opposite to stock movements and falls when the S&P 500 gains.
After rising for six consecutive trading days, the Nasdaq Composite rose to record highs—the biggest winning streak since 1999. It rose 0.64% and closed the day at 5,819.44. The Dow Jones Industrial Average cemented its position above the 20,000 level and closed at an all-time high. It closed at 20,611.86—a gain of 0.52% (107.45 points). The SPDR S&P 500 ETF (SPY) rose 0.52%. Next, we’ll discuss how the healthcare sector performed on Wednesday.