US stocks surged back to records in early trading today, with the Dow topping 21,000 for the first time, as markets embraced a softer tone in President Donald Trump's address.
About 20 minutes into trading, the Dow Jones Industrial Average was at 21,026.20, a 1.0 per cent jump.
The broad-based S&P 500 gained 0.9 per cent to 2,383.81, and the tech-rich Nasdaq Composite Index advanced 0.8 per cent to 5,871.10.
Trump's address to Congress reiterated campaign themes on his aim to crack down on illegal immigration and adopt a tough negotiating style with trade partners. But he employed a more optimistic tone than in his inauguration address, which was criticised by some as cryptic and menacing.
Still, analysts noted that the speech was short on details about an eagerly-awaited tax cut plan that has propelled the market to numerous records over the last month.
Market sentiment in the US also got a boost from strong gains in European bourses and by data showing robust Chinese factory activity in February.
Among individual stocks, Lowe's Companies surged 10.0 per cent after reporting sharply higher profits in the fourth quarter and projecting comparable sales would grow by 3.5 per cent in 2017.
Best Buy lost 4.6 per cent after projecting domestic comparable sales would drop between 1.5 per cent and 2.5 per cent in the first quarter of 2017 and revenues would come in below the level analysts expect.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)