United States stocks close higher as Dow sets 11th straight record

01 March, 2017, 00:44 | Author: Elaine Woods
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At 12:27 p.m. ET, the Dow .DJI was down 7.78 points, or 0.04 percent, at 20,813.98, the S&P 500 .SPX was down 0.42 points, or 0.01 percent, at 2,366.92 and the Nasdaq Composite .IXIC was down 0.21 points, or flat, at 5,845.10.

Boeing and UnitedHealth were among the biggest drivers for the index yesterday, while the S&P 500 also closed at a record high, thanks to a boost from energy.

Other markets: Oil futures fell more than 1% while gold futures fell 0.4%.

The markets have recently benefited from optimism about pro-business policies under Trump, and traders will be looking additional details on his policies on tax reform, deregulation, and infrastructure spending.

The Russell 2000 index of smaller-company stocks gave up 21.29 points, or 1.5 percent, to 1,386.68.

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Among individual stocks, shares of Target (TGT) are likely to come under pressure in early trading after the retail giant reported weaker than expected fourth quarter earnings and provided disappointing guidance for fiscal 2017. Hong Kong's Hang Seng lost 0.8 per cent to 23,740.73 while the Shanghai Composite index in mainland China climbed 0.4 per cent to 3,241.73. Investors have also cheered data confirming an economic recovery in Europe and a turn around in company earnings.

Eight of the 11 major S&P 500 sectors were lower, with the 0.33 per cent drop in technology weighing the most.

Still, despite the strong reading on USA consumer confidence in February - the best since summer 2001 - investors were unwilling to make ever bigger bets on the Dow ahead of Trump's highly publicized speech to Congress late Tuesday. By comparison, the Dow is now up about 5.4 percent this year, so there's a long way to go before the market becomes as stretched as it was 30 years ago, Detrick said. He also said his budget would propose increasing military spending by $54 billion while cutting domestic programs and foreign aid by the same amount. While the German DAX Index is down by 0.1 percent, the French CAC 40 Index is up by 0.1 percent and the U.K.'s FTSE 100 Index is just above the unchanged line.

"The markets had this incredible run, much of it based on potential tax policy, and what everyone wants to see tomorrow night is some more details", JJ Kinahan, chief market strategist at TD Ameritrade, said Monday.

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