(Reuters) - The main U. S. stock indexes hit record intraday highs on Monday, led by financials<br />and industrials, as the so-called "Trump trade" sparked back to life on renewed optimism about the economy.<br />While the rally had stalled amid concerns over Trump’s protectionist stance<br />and lack of clarity on policy reforms, the S&P 500 has not dropped more than 1 percent in 84 trading days, indicating investors were giving Trump the benefit of doubt.<br />Global markets are following the leader (U. S. stocks) after the resurgence of the "Trump trade",<br />Peter Cardillo, chief market economist at First Standard Financial wrote in a note.<br />The three main indexes closed at record highs on Thursday<br />and Friday rose after President Donald Trump vowed to make a major tax announcement in the next few weeks.<br />Investors were also comforted by the two-day U. S.-Japan summit held over the weekend apparently<br />having ended smoothly without Trump talking tough on trade, currency and security issues.<br />The S&P 500 has surged 8.3 percent since Trump’s Nov. 8 election through Friday’s close, fueled by expectations<br />he will lower corporate taxes, reduce regulations and increase infrastructure spending.<br />The S&P 500 was up 7.44 points, or 0.32 percent, at 2,323.54 and the Nasdaq Composite was up 23.61 points, or 0.41 percent, at 5,757.73.
