Dow passes 21,000 after Trump speech to Congress

The Dow Jones industrial average hit a new high Wednesday, eclipsing 21,000 points for the first time in history.

The Dow spiked more than 300 points (1.5 percent) by 1 p.m. ET, peaking at 21,141 points at 12:30 p.m. The S&P 500 and Nasdaq also rose roughly 1.4 percent each.

The rally came one after President Trump’s speech to Congress, in which he repeated campaign promises to cut corporate taxes and unwind Obama administration regulations without providing specifics.

{mosads}Republicans and some political pundits praised Trump for communicating his long-held policy platform in an optimistic way, while Democrats said the president merely repackaged the same ideas they loathe in a gentler tone with no details.

Stocks have rallied consistently since Trump’s election, fueled by optimism that he would bolster business with tax reform and looser financial and environmental regulations.

Trump and his aides have taken credit for the stock boom, a rare step for administrations wary of tying themselves to a potential market crash. Treasury Secretary Steven Mnuchin said last week that stock performance was “absolutely” a good report card for the administration’s economic policy.

Even so, progress on Trump’s and the GOP’s economic priorities has been elusive. Republicans have struggled to unify behind an ObamaCare repeal and replacement plan, which has delayed work on tax reform and a potential Dodd-Frank overhaul. Trump has promised to “dismantle” Dodd-Frank, but hasn’t specified how he’d do so.

Trump’s proposed $1 trillion infrastructure plan, funded through tax credits and federal money, has also been delayed by the ObamaCare logjam and will struggle win earn support from spending-averse Republicans.

Stock market analysts say the optimism-fueled stock rally has little room to continue given the limited progress and scarce details.