Wall Street closed with yet further record consecutive gains

Wall Street shrugged off the risk of, the Yen collapsed, the dollar bounced back as yields recovered and stocks made further record gains.

On the eve of President Trump’s first address to Congress, markets started off subdued and there was little reaction to today's Trump news when he said infrastructure spending would be large, and defence spending would increase. However, as the session went by, markets began to heat up. The Dow finished at record levels for the 12th consecutive day and did so for the first time since 1987.

Matching its 1987 milestone, the Dow Jones Industrial Average, it added 16 points to end at 20,838. The S&P 500 rose 2 points, or 0.1%, and also closed at a record of 2,369. The Nasdaq Composite Index added16 points, or 0.3%, to finish at 5,861. The US afternoon trade has seen a complete reversal and the DXY has found territory back on the 101 handle at 101.18 the highs. US 10yr treasury yields rallied from the multi-week low of 2.31% to 2.36%, while the 2yr rose from 1.14% to 1.20%.