US stocks hit fresh intraday all-time highs
• All three major indices build on previous session’s record closing.
• Optimism over Trump’s tax plan supportive of the bullish run.
• Easing concerns over N. Korea fueling global risk-on trade.
Major US equity indices witnessed a yet another positive opening on Tuesday and touched fresh intraday all-time high levels.
During the opening hour of trade, the Dow Jones Industrial Average climbed around 40-points to 23,585, while the broader S&P 500 Index gained over 4-points to 2,595. Meanwhile, tech-heavy Nasdaq Composite Index added nearly 7-points and inched closer to the 6,800 round figure mark.
As third-quarter earnings season winds down, investors looked for fresh catalyst and shifted focus to a much-awaited Trump administration's tax bill.
• US: What’s next for House Tax Bill - Wells Fargo
Against the backdrop of growing corporate profits, investors bet that a cut in corporate taxes, and other business-friendly measures, should pave the way for an extension of the ongoing strong bull market in equity markets.
Meanwhile, the US President Donald Trump softened his tone on North Korea and urged Pyongyang to make a deal to end the nuclear standoff. Trump's conciliatory approach provided an additional boost to investors' appetite for riskier asset and supported early up-move.
• Japan’s Suga: Japan imposes additional sanctions on North Korea
Later during the day, a scheduled speech from the departing Fed Chair Janet Yellen would be looked upon for some short-term trading impetus.