The three major US indices, the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite all reached record highs on the same day (Thursday, August 11) for the first time since 1999.
The flagship S&P 500 rose 10.3 points or 0.5 per cent to 2,185.79, while the Dow Jones Industrial Average was up 117.86 points, or 0.6 per cent to hit 18,613.52.
The technology focused Nasdaq Composite index climbed 23.81 points, or 0.5 per cent, to 5,228.40.
The indices were pushed to record levels as the oil price surged, with the price of Brent Crude breaking through $46 a barrel.
Oil was boosted by a report the Saudi Arabian government will act on the oil market.
The price of the commodity has been trading lower due to an over-supply from the region.
Chris Weston, market analyst at IG Group, said there is a view the move higher in US equities is the market pricing in a “clear win” by Hillary Clinton and a Democratic Congress.
He added: “While Trump’s comments about President Obama and appealing to gun owners have been front page news the real issue is that his economic policies have many question marks. Cutting the corporate tax rate to 15 per cent and lowering the top personal tax bracket to 25 per cent is great for those who believe in ‘trickle down’ economics (ie. make the rich richer and hope it filters down to the lower earners), but it will require lost revenue to be made up in other areas.”
