US stocks hit all-time highs on hopes of Trump boost to economy

Markets rose on Monday.

The S&P 500 rose 0.8 percent to an all-time high, the STOXX Europe 600 rose 0.3 percent and the MSCI Emerging Market Index rose 0.3 percent.

Oil surged. West Texas Intermediate crude rose 3.9 percent while Brent jumped 4.4 percent.

Bonds rose. The US 10-year Treasury yield fell four basis points to 2.32 percent.

“There’s optimism that it’s more likely that Trump is going to put us on an economic fast track versus Clinton,” said Terry Morris, managing director of equities at BB&T Institutional Investment Advisors.

However, JPMorgan Chase & Co. is doubtful that president-elect's fiscal plan will have the expected impact.

Michael Feroli, US economist at the bank, wrote on Friday that the “majority of the stimulus is expected to come through tax cuts and, relative to our prior forecast, should boost annualized GDP growth by about 0.25 percentage-point in the second half of 2017 and 2018, leaving the level of GDP about 0.4 percentage points higher at the end of 2018”.