Dow breaks 12-day record streak ahead of Trump speech

Violet Tucker
March 3, 2017

Investors have also cheered data confirming an economic recovery in Europe and a turn around in company earnings.

Crude oil prices were flat at about $54 a barrel. I have no business relationship with any company whose stock is mentioned in this article.

While a lack of concrete details from Trump could disappoint some investors, other investors may just be looking for any sign that Trump's pro-growth plans are on track, strategists said. "After the run-up we had yesterday, this is a good excuse for the market to pause".

The Dow dropped 0.12 percent, breaking the index's 12th straight sessions of gains.

While tech stocks like Samsung Electronics and SK Hynix climbed 2-3 percent, Lotte Group shares underperformed amid escalating tensions between China and South Korea over the planned deployment of the U.S. THAAD anti-missile defense system.

The blue-chip index added 250 points, or 1.2%, and hit 21,060 shortly after the opening bell.

This has not escaped Trump, who noted that the stock market "has gained nearly three trillion dollars in value since the election on November 8th". The Russell 2000 index gave up 17.97 points, or 1.3 per cent, to 1,395.67.

The yield on 2-year Treasury notes rose to a high of 1.308 per cent, its highest since August 2009 while the 10-year notes' yield rose to 2.471 per cent, the highest since February 16. The central bank's policy-setting body meets on March 14-15.

However, the markets were more focused on comments on Tuesday from a handful of Federal Reserve officials, including the influential New York Fed President William Dudley, who said the case for tightening monetary policy had become "a lot more compelling".

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Sentiment was helped by comments suggesting that the United States central bank may raise rates sooner rather than later.

The three main stock indexes were on track for their best one-day gain since November 7, a day before the USA presidential election, with the S&P 500 and Nasdaq also hitting record highs.

Strong gains in major global stock indexes overnight and into early Wednesday hinted at the possibility of another milestone day for Wall Street. The stock lost $6.27 to $19.68. The sector is up 8.1 per cent this year. He also said "We're going to start spending on infrastructure big". The stock slid $9.63 to $75.05.

USA shares have hit new highs shortly after trading on Wall Street opened on Wednesday. As such, VRX shares' recent hot streak looks ready to cool.

Losses were spread across Wall Street on Tuesday.

Caterpillar fell almost 5 percent and was responsible for more than half of the 66-point decline on the Dow, after law enforcement officials searched its facilities in IL.

Abercrombie & Fitch vaulted 13.9 per cent after the clothing company said its Hollister brand did well in its most recent quarter.

Investors are awaiting the trading debut of Snap Inc, the owner of popular messaging app Snapchat, on the New York Stock Exchange under the ticker. The stock debuted at $24 after its IPO was priced at $17.

Other reports by Guamnewswatch

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