Dow Jones industrials close above 21000 for first time

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All three major United States equity indices smashed past records, with the Dow Jones Industrial Average surging 1.4 per cent to end at 21,110.83.

Several weeks ago, the gauge closed at 20,000, meaning the 1,000 jump to 21,000 took place in just 24 days, tying for the fastest ever such jump with a trading session in May 1999, Market Watch reported.

The S&P 500 Index dropped 0.6 percent to 2,381.91 at 4 p.m.in NY as the Dow Jones Industrial Average lost 43 points, about 0.5 percent, to 21,002.

The Dow Jones industrial average hit an all-time high of more than 21,000 following President Donald Trump's first joint address to the U.S. Congress. He also reaffirmed his pledges to reform taxes, slash red tape and ramp up spending on defense and infrastructure projects. The promises have helped send USA stock benchmarks to records. For the month of February, the Dow rose 4.8% and the Nasdaq gained 3.8%.

In Japan, the Nikkei 225 traded up 0.67%, retracing some of its earlier gains of more than 1.2%, while the Topix added 0.55%.

Target slumped 12 percent Tuesday after releasing a weak profit report and earnings forecast.

"The speech didn't break any new ground, but it was much more orderly and methodical than we are used to hearing". Non-Cyclical cons. Goods and Utilities have gained 0.53 percent and 0.42 percent respectively.

"The case for monetary policy tightening has become a lot more compelling", New York Fed President William Dudley told CNN.

Industrial stocks and phone companies were also among the big decliners. The S&P 600 Small-Cap Index closed at 846.49 for a loss of 13.29 points or 1.55%. South Korea's Kospi rose 0.3 percent. The 30-year yield climbed above 3 percent.

The Nasdaq is up 520.91 points, or 9.7 percent.

U.S. stocks' dozen-day winning run came to an end on Tuesday after the latest reading on economic growth disappointed and as increased rate hike expectations lifted the dollar and Treasury yields.

At midmorning, US benchmark crude was down 91 cents to $52.92 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, which is used to price global oils, fell 34 cents, or 0.6 percent, to close at $55.59 a barrel in London. The euro strengthened to $1.0597 from $1.0589.

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