The value of the S&P 500 crossed the $20 trillion mark for the first time on Monday, thanks to investor optimism over accelerated economic growth and bolstered corporate profits under the Trump administration.
The so-called Trump Trades renewed after what was seen as a favourable US visit by the Japanese prime minister Shinzo Abe.
According to FT, the index tracking the biggest US companies has rallied by almost 25% over the past year, pushing its value $3.6tn higher.
The latest record high comes ahead of the imminent unveiling of what Trump has described as a "phenomenal" tax plan, with his announcement last Thursday sending stock prices and the dollar even higher as the week drew to a close.
iPhone excitement helps Apple's cause
#
An artist's interpretation of the new iPhone, which is rumoured to charge wirelessly
The S&P was also driven by a resurgence in Apple shares – the Cupertino tech giant was breaking records of its own on Monday.
They closed at an all-time high of $133.29 last night, valuing the group at roughly $699bn, more than the market capital value of General Motors and Walmart combined. Google parent Alphabet Inc is next at $573 billion, according to Bloomberg.
The gains come on foot of optimism for the upcoming, 10th anniversary edition of the iPhone, which is expected to be a more substantial upgrade than the iPhone 7 proved to be.
BTIG analyst Walter Piecyk told Bloomberg:
"It’s probably just a continuation of the rally following the last quarter report and guidance for the second quarter that’s giving investors a bridge to the next iPhone that many are getting excited about."
A further gain in Apple shares is predicted for next year, based on an average 12-month target price of $142.58.
