The Dow closed at record levels on Monday, marking 12 consecutive winning days, the longest streak since 1987. The Dow has gained 3.9 percent since the most recent rally began. The S&P 500 also closed at record highs on Monday, posting 63 new record highs on the day, as traders prepare optimistically for U.S. President Donald Trump’s announcement about defense and military spending increases. Trump is seeking to increase defense spending by increasing defense spending by $54 billion, and cutting budgets in what he determines are ‘lower priority’ programs. What those programs are have not been divulged. However, Trump did say that his administration will “do more with less and make the government lean and accountable.” More details will be provided during Trump’s address to Congress tonight.

Asian Stocks Follow Suit

Asian markets attempted to piggyback on the U.S. rally on Tuesday, with Japan’s Nikkei 225 up 0.70 percent as the yen retreated to 112.63 to the dollar. Korea’s Kospi traded up 0.30 percent while Australia’s ASX 200 was also up 0.37 percent, taking advantage of the boost in oil prices that came following reports that the United Arab Emirates and Iraq have recommitted to reaching their production cut targets.

WTI was up 11 cents during Tuesday’s Asian session, to trade at $54.16 per barrel, while Brent crude was trading at $56.10, a 17 cent gain per barrel. The euro was trading at $1.0588 during Tuesday’s morning session, and the British pound was at $1.2429.