Dow, S&P 500 Reach New Record Highs On Broad Based Rally – U.S. Commentary

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After initially showing a lack of direction stocks moved sharply higher over the course of the trading session on Wednesday. With the upward move on the day, the Dow and the S&P 500 once again reached new record closing highs.

The major averages ended the session near their best levels of the day. The Dow soared 297.84 points or 1.6 percent to 19,549.62, the Nasdaq jumped 60.76 points or 1.1 percent to 5,393.76 and the S&P 500 surged up 29.12 points or 1.3 percent to 2,241.35.

The strength that emerged on Wall Street came as traders looked ahead to the European Central Bank’s monetary policy announcement on Thursday.

The ECB is expected to extend its asset purchase program beyond March of 2017 amid the recent political turmoil in Europe following the referendum in Italy.

Next week’s Federal Reserve meeting also remains in focus, with the Fed widely expected to raise interest rates by a…

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