Wall Street hits record high as retail earnings boost optimism | Reuters

By Yashaswini Swamynathan U.S. stocks hit record intraday highs on Tuesday amid gains across sectors as strong earnings from top retailers underscored the strength of the U.S. economy.One in every six stocks on the S&P 500 hit a new 52-week high as a rally sparked by President Donald Trump's promise of tax reforms showed no sign of fading despite concerns around valuations.The index is trading at 19.7 times trailing 12-month earnings, above the long-term average of 17.2 times, according to Thomson Reuters Datastream."There is no doubt in anyone's mind that the market has become over extended and is due for a pullback," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey."That said, when you have this kind of momentum, it is very hard to sit on the sidelines."In the one month of Trump's presidency, the S&P 500 hit record intraday highs 10 times, gained 3.9 percent and surpassed $20 trillion in market capitalization

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| Reuters appeared first on Firstpost.