* Trump has promised major tax announcement in coming weeks
* Verizon drops on new unlimited data plan, weighs on rivals
* Apple closes in on record high, Goldman ups price target
* Indexes up: Dow 0.55 pct, S&P 0.36 pct, Nasdaq 0.43 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Feb 13 The main U.S. stock indexes hit record
intraday highs on Monday, with the S&P 500 topping $20 trillion
in combined market-capitalization for the first time ever, as
the "Trump trade" jump-started on renewed optimism about the
President Donald Trump vowed last week to make a major tax
announcement in the next few weeks, rekindling a rally that has
stalled amid concerns over Trump's protectionist stance and lack
of clarity on policy reforms.
The S&P has surged 8.3 percent since Trump's Nov. 8 election
through Friday's close, fueled by expectations Trump would lower
corporate taxes, reduce regulations and increase infrastructure
"At some point there has to be actions that match the words
and I think we are getting closer to that point," said Brent
Schutte, chief investment strategist at Northwestern Mutual
The S&P has not dropped more than 1 percent since Trump's
election victory. It has gained more than 1 percent on only two
occasions, the day after Election Day and on Dec. 7.
Fundamentals also remain robust. A spate of strong economic
data in recent weeks has run parallel with upbeat corporate
Earnings of S&P 500 companies are estimated to be on track
for their strongest growth in nine quarters, according to
Thomson Reuters I/B/E/S.
"What is underlying this whole Trump rhetoric is that
fundamentals in the world, including the U.S., are getting
better," Schutte said.
At 10:55 a.m. ET (1555 GMT), the Dow Jones Industrial
Average was up 111.86 points, or 0.55 percent, at
The S&P 500 was up 8.55 points, or 0.36 percent, at
2,324.65 and the Nasdaq Composite was up 24.90 points,
or 0.43 percent, at 5,759.03.
Six of the 11 major S&P sectors were higher, led by a 1
percent gain in financials and a 0.9 percent gain in
industrials. The two sectors are seen benefiting the
most from Trump's policies.
Telecom stocks were the top losers, down 1.2
percent after Verizon said it would reintroduce its
unlimited data plan, sparking fears of a price war.
Verizon was down 0.8 percent. AT&T fell 1.6 percent,
T-Mobile sank 3 percent, Sprint fell 1.4 percent.
Apple was the top stock on the S&P and the Nasdaq,
rising 1.2 percent and closing on its record high.
Chemours rose 15.3 percent after the company and
DuPont said they had agreed to pay about $671 million in
cash to settle several lawsuits related to the leak of a toxic
chemical. DuPont was up nearly 1 percent.
Advancing issues outnumbered decliners on the NYSE by 1,727
to 1,061. On the Nasdaq, 1,698 issues rose and 983 fell.
The S&P 500 index showed 63 new 52-week highs and no new
lows, while the Nasdaq recorded 153 new highs and 11 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by