U.S. stocks ended slightly higher on Monday and the Dow hit a record high close for a 12th straight session as President Donald Trump said he would make a ''big'' infrastructure statement on Tuesday. Fred Katayama reports.
U.S. stocks ended slightly higher and the Dow hit a record high close for a 12th straight session after President Donald Trump said he would make a "big" infrastructure statement on Tuesday. Trump addresses a joint session of Congress for the first time Tuesday evening. Investors are seeking clues on his economic agenda. In a meeting with state governors on Monday, Trump said he will be "moving quickly" on regulatory reforms and his tax plan will be released after a proposal on Obamacare. He also said he is seeking what he called a "historic" increase in military spending of more than nine percent. Jane Barrat of GoldBean: (SOUNDBITE) JANE BARRATT, FOUNDER, GOLDBEAN, (ENGLISH) SAYING: "The clue today, when President Trump was addressing the state senators around this would be security budget. I think it was a very big clue around where a lot of the focus will be in the short-term." Trump's comments on military spending boosted shares of U.S. defense companies, like Boeing, Raytheon, and Lockheed Martin. Time Warner stock hit a near 16-year high following a report by the Wall Street Journal that the Federal Communications Commission chairman said the agency won't review AT&T's proposal to buy Time Warner. AT&T shares fell on the news. Tesla's stock also down after Goldman Sachs downgraded it to "sell" from "neutral" and lowered its price target. European shares ticked lower on Monday, weighed down by losses in insurance stocks. They ended the day mixed.