S&P 500 tops $20 trillion

U.S. equity indexes hit record highs on Monday, with the benchmark S&P 500's market value topping $20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy.
Trump vowed last Thursday to make a major tax announcement over the next few weeks, adding fuel to a rally that had stalled amid worries about the potential impact of his protectionist trade stance and a lack of clarity about other policy reforms.
The S&P 500 has surged about 9 percent since Trump's Nov. 8 election, boosted by expectations he would lower corporate taxes, ease regulations governing banks and increase infrastructure spending.
The S&P 500 financials index (.SPSY) jumped 1.1 percent, with Citigroup (C.N) up 2.3 percent. The industrial sector (.SPLRCI) gained 1 percent. The two sectors are seen benefiting heavily from Trump's policies.
Strong economic data in recent weeks has been supported by upbeat corporate results. S&P 500 companies are on track for their strongest profit growth in nine quarters, according to Thomson Reuters I/B/E/S.
The Dow Jones Industrial Average (.DJI) rose 0.7 percent to end at 20,412.16 points, while the S&P 500 (.SPX) gained 0.52 percent to 2,328.25 points.

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