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2017.05.2321:44:00UTC+00U.S. Stocks Climb after Release of Trump Budget

Wall Street advanced on Tuesday as hopes surrounding the Trump trade was revived among investors. However, gains were pared by losses in consumer discretionary stocks amid weakness in auto-parts firms.

Trump's budget called for an increase in infrastructure and military spending, as well as politically sensitive reductions in areas like healthcare and food assistance. Investors also eyed the White House's proposed budget for 2018. Stated in it, the White House aims to trim federal spending by $3.6 trillion in the next ten years.

The Dow Jones industrial average climbed 0.21 percent to 20,937.91, as Goldman Sachs outperformed while Home Depot lagged behind. The S&P 500 added 0.18 percent to close at 2,398.42, with financials leading ten sectors up while consumer discretionary was the only decliner. The Nasdaq Composite rose 0.08 percent to 6,138.71.

Financials gained 0.8 percent supported by a 1.2 percent advance in the bank subsector. Consumer discretionary lagged behind the most with a 0.4 percent decline.

Autozone Inc weighed on the consumer sector the most, dropping 11.8 percent to $58.14. The auto part retailer's quarterly results did not meet expectations. Advance Auto Parts slipped 4.6 percent and O'Reilly Automotive was down 3.3 percent while Genuine Parts dropped nearly two percent.

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