US STOCKS-Wall St set to hit records as Trump-fueled rally continues

Published 22-11-2016, 07:19 pm
© Reuters.  US STOCKS-Wall St set to hit records as Trump-fueled rally continues

* Three major indexes hit all-time highs on Monday

* Medtronic drops on revenue miss, forecast cut

* Dollar Tree soars on profit beat

* Futures up: Dow 44 pts, S&P 4.5 pts, Nasdaq 19 pts (Adds details, comments updates prices)

By Yashaswini Swamynathan

Nov 22 (Reuters) - Wall Street's three main indexes were set to hit records again on Tuesday as the post-election rally continues, with investors buying into a market primed to benefit from President-elect Donald Trump's pro-growth policies.

Stock have rallied since the election on Nov. 8 as Trump has promised tax cuts, higher spending on infrastructure and simpler regulations in the banking and healthcare industries.

The Dow .DJI , S&P 500 .SPX , Nasdaq .IXIC and small cap Russell 2000 .RUT indexes all closed at record highs on Monday, the first such instance since December 1999.

"Optimism is returning because of the potential that exists in the form of fiscal stimulus, infrastructure spending and tax cuts and is renewing confidence on the part of investors and consumers," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.

Dow e-minis 1YMc1 were up 44 points, or 0.23 percent at 8:26 a.m. ET (1326 GMT), with 24,387 contracts changing hands.

S&P 500 e-minis ESc1 were up 4.5 points, or 0.21 percent, with 140,579 contracts traded.

Nasdaq 100 e-minis NQc1 were up 19 points, or 0.39 percent, on volume of 22,881 contracts.

"The rally has been broad based with not any one sector being left behind and that's a very positive sign for the markets," Pavlik said.

The S&P 500 financial sector .SPSY has risen more than 11 percent since the election, leading the gainers among the 11 major sectors. Industrials .SPLRCI have increased 5.6 percent.

Shares of Medtronic MDT.N tumbled 6.1 percent at $75.67 premarket after the medical device maker reported quarterly revenue that missed expectations and cut its full-year adjusted earnings forecast. Tree DLTR.O surged 8.6 percent to $89.04 after the biggest U.S. dollar-store chain reported a better-then-expected quarterly profit. Alto PANW.N dropped 11.21 percent to $143 after the cybersecurity firm's current-quarter revenue forecast missed the average analysts' estimate.

Economic data on tap for Tuesday includes a report that is likely to show existing home sales dropped 0.5 percent to 5.43 million units in October. The report is due at 10:00 a.m. ET (1500 GMT).

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