Major US equity indices hit new record highs

Extending their recent up-trend, major US equity markets opened higher on Tuesday, with all the three major indices hitting new intraday record highs.

At the time of reporting, the Dow Jones Industrial Average was up over 100-point, cruising towards 20,000 psychological mark, while the broader S&P 500 Index gaining 10-points to 2,275. Meanwhile, tech-heavy Nasdaq Composite Index added 26-point and rose to 5,485.

With the overall US Dollar Index climbing to fresh multi-year highs, market sentiment remains upbeat towards prospects of faster US economic growth under Trump administration. Adding to this, rising crude-oil prices further boosted investor sentiment and is also supportive of the ongoing bullish momentum in the broader risk-associated assets, including equities.

Technical outlook

Carol Harmer, Founder at charmertradingacademy.com, notes, "we sill have divergence we are not making the break expected...so please...if you want to go long of this market I would wait until it clears 2280...but if we do break 2280 then we should push higher for 2285....we fail to break higher 2232 to 2216 will be the targeted area"