NEW YORK: Wall Street edged mainly higher on Thursday as the Dow Jones Industrial Average looked to reach a tenth consecutive all-time high and break a 30-year record.
Investors were also parsing statements from Treasury Secretary Steven Mnuchin, who said Thursday morning that President Donald Trump's administration hoped to roll out new tax policies before the August recess on Capitol Hill.
About ten minutes into the day's trading, the blue-chip Dow and broader S&P 500 were both up 0.2 percent at 20,809.79 and 2,366.34 respectively. The tech-heavy Nasdaq was 0.1 percent lower at 5,853.26.
On Wednesday, the Dow had a ninth consecutive close at an all-time high, the longest streak since 1987.
US stocks have rallied since Trump's election, with investors buoyed in recent days by his promise to unveil new tax policies soon.
Shares in Chesapeake Energy were up 2.5 percent after the company reported slowing losses and said it foresaw a growing rig count in 2017.
However Boston Scientific saw its share price fall 5.9 percent after announcing the temporary withdrawal of a heart-valve device due to reports of technical problems.
Oil stocks were trading higher in advance of official inventory figures due later Thursday, with the super majors Chevron up 1.1 percent and Exxon Mobil gaining 0.7 percent.
A barrel of West Texas Intermediate crude for April delivery also opened $1.27 higher in New York.
Appearing on CNBC on Thursday morning, Mnuchin said the Trump administration hoped to have a tax package enacted before August and return to 3 percent annual economic growth by the end of next year.
Mnuchin's remarks were likely to help keep markets at their current dizzy heights by keeping hopes of prompt tax cuts alive, according to Patrick O'Hare of Briefing.com.
"From that standpoint, the old thought of tax reform continues to have staying power as a source of support that is keeping selling efforts in check," he wrote.
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