US markets closed at record highs as markets cheered forthcoming interest rate cuts on Tuesday.
The equity index, the Dow Jones Industrial Average, rose to a new high, surging 742.76 points or 1.85% to close at 40,954.48.
The S&P 500 advanced 0.64% to close the session at 5,667.20. The Nasdaq Composite rose 0.2% to end the day at 18,509.34.
After Bank of America and Morgan Stanley released their earnings financial stocks gained. Bank of America rose over 5%, while Morgan Stanley advanced 1%.
Also, the stocks rallied after Donald Trump is expected for a second term in the wake of a failed assassination attempt, which raised hopes of a looser regulatory environment.
Apart from that, Indian equity markets to remain closed on July 17 on account of Muharram.
On July 16, Nifty and Sensex closed on a flat note. Nifty gained 26.30 points or 0.11% to settle the session at 24,613, while Sensex closed 51.69 points or 0.06% higher at 80,716.55. While, in the broader indices largecap and midcap stocks gained.
