Published: Wed, March 01, 2017
Markets | By Terence Owen

Stocks edge lower, ending Dow's 12 days of wins

Stocks edge lower, ending Dow's 12 days of wins

The tech heavy Nasdaq Composite also closed higher - 17 points higher at 5,862. The S&P 500 also closed at a record high, with the energy index gaining 0.9%.

"The next direction of this market, in our view, is going to be very much driven by the ability of the administration to start putting into action some of the things that the market has gotten excited about, mainly tax reform more than anything else, " said Rob Eschweiler, at J.P. Morgan Private Bank.

So far, Trump's comments on his tax plans, health care reform, and infrastructure spending details have been vague, though positive enough for markets to rally. The Dow was down 12.2 points, about 0.1 percent, at 20,825.3. With the turnaround on the day, the Dow and the S&P 500 once again climbed to new record closing highs.

The Russell 2000 index of smaller-company stocks picked up 13.44 points, or 1 percent, to 1,407.97.

The Dow Jones Industrial Average got one step closer to a historic thirteenth day of gains on Monday (27 February) as it hit its twelfth straight record day.

Volume in the stock market today rose on both major exchanges, which resulted in distribution for the Nasdaq and the S&P 500.

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Just because the Dow is on another lengthy winning streak doesn't mean a similar market slump is in the cards now, noted Ryan Detrick, a senior market strategist for LPL Financial.

But on Tuesday investors said there were risks that Trump's speech later in the day could disappoint, triggering a sell-off. The blue-chip index hadn't seen a streak that long since 1987.

In the latest economic data, fourth-quarter GDP was 1.9% (http://www.marketwatch.com/story/fourth-quarter-gdp-left-at-19-despite-bigger-pop-in-consumer-spending-2017-02-28), held down by a bigger trade deficit even as consumer spending rebounded strongly.

USA stocks have benefited from the Trump administration's promise of pro-business changes, but investors have become uneasy over how large and rapid those changes will be.

Talk of more defense spending gave a lift to defense contractors Monday. China's Shanghai Composite and South Korea's Kospi also managed gains, adding 0.4% and 0.3%, respectively. TD Ameritrade dropped 10.4 percent.

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