Wall Street erased the gains that took Dow Jones to break the 19,000 mark and S&P 500 to break intraday milestones during. U.S. stocks give up some gains after a string of all-time highs in America’s major indexes.
U.S. stocks faltered a rally that took all four major indexes of the country reach new records in consecutive sessions. The Dow Jones Industrial Average rose 40 points (0.21%) 18,997.30 after reaching the all time high 19,013, breaking the 19,000 mark for the first time.
The S&P 500 increased one point (0.00%) to 2,198.19 after breaking 2,200 points early in the session, while the Nasdaq Composite Index rose 7 points (0,14%) to 5,376.20. The small-cap Russel 2,000 index also reached an intraday record. All four indexes extended the previous session’s gains, after closing in all time highs on Monday.
The health-care sector is weighing on performance, after a string of gains since Donald Trump’s election amid expectations that tax-cuts and higher spending will benefit industries that are more geared to growth. Consumer-discretionary stocks were lifted by retailers as the biggest outperformers.
The result of the presidential election has fueled optimism that Donald Trump’s policies will be positive for the stock market, with the president-elect’s promises for higher spending, corporate tax-cuts and simpler regulation in the financial and healthcare industries.
“The postelection narrative is still in place, with investors continuing to focus on fiscal policy and regulatory easing. That’s giving the market reason to be optimistic, and it means that the path of least resistance is higher for now”, told Aaron Clatk, of GW&K Investment Management to Market Watch. Among the biggest movers in Americas stock market is Tesla Motor (TSLA +3.41%) and Burlington Stores Inc (BURL +15.77). Medtronic fell 8.25% while the Healthcare sector lost 1.47%.