“Things are moving along in terms of the Trump agenda, but we’ll get a clearer picture after tomorrow night so that might precipitate some buying or selling,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
Hellwig and others said there’s potentially more upside than downside from the address, given how the market has reacted in recent weeks.
Shares of U.S. defense companies – Boeing <BA.N>, Raytheon <RTN.N>, General Dynamics <GD.N> and Lockheed Martin <LMT.N> – rose after Trump said he would seek to boost Pentagon spending by $54 billion in his first budget proposal.
Boeing was up 1.1 percent while UnitedHealth was up 1.4 percent.
The Dow Jones Industrial Average <.DJI> was up 15.68 points, or 0.08 percent, to close at 20,837.44, the S&P 500 <.SPX> gained 2.39 points, or 0.10 percent, to 2,369.73 and the Nasdaq Composite <.IXIC> added 16.59 points, or 0.28 percent, to 5,861.90.
In its 1987 12-day streak of record-high closes, the Dow rose 9.2 percent compared with just a 3.9 percent gain in the recent record run.