The Dow Jones Industrial Average closed less than 50 points from the 20,000 mark, following President-elect Donald Trump’s first news conference in months. The NASDAQ also held gains to its fifth straight record close.
Major indexes fluctuated between small gains and losses during the session. Energy shares were among the day’s biggest gainers, rising with a jump on the price of crude oil.
The Dow rose 98.75 points, or 0.5 percent to close at 19,954.28, while the S&P 500 index gained 6.42 points or 0.3 percent to end at 2,275.32. The Nasdaq Composite added 11.83 points or 0.2 percent to finish at a record 5,563.65.
According to Mark Luschini, chief investment strategist at Janney Montgomery Scott, “There’s a lot of indecisiveness in the market. We can’t seem to build on a rally or get any sustained momentum in a correction.” He further added that, “Investors are playing both sides, trying to figure out what earnings will look like, and what the Trump administration will look like in terms of actual policy.”
There has been an evident growth since Trump’s election in early November, with key indexes hitting repeated record highs. Some analysts are worried that the gains might have gotten overdone.
“The easy part for the Trump administration has been done. Now words have to be transformed into action and policies. The speed of this, more specifically regulatory relief and tax reform, may dictate the immediate direction of the markets,” said Kent Engelke, chief economic strategist at Capitol Securities Management Inc. “If his proposals [and] policies are thought to be bogging down, prices will suffer.”