Dow, Nasdaq hit record highs as rally regains steam

Posted February 10, 2017

Bloomberg noted that companies whose results exceeded analyst expectations gained less than 1 percent in the subsequent trading session. Optimism remains high about the prospects of corporate tax cuts, the financial sector being deregulated, and higher spending on infrastructure.

The Dow Jones Industrial Average rose 37.87 points, or 0.19 percent, to 20,090.29, the S&P 500 gained 0.52 points, or 0.02 percent, to 2,293.08 and the Nasdaq Composite added 10.67 points, or 0.19 percent, to 5,674.22.

However, the lack of details regarding economic policies and Trump's focus on isolationist policies, including a travel ban on seven mainly Muslim nations, have also made investors cautious.

Walt Disney was up 1.6% at US$110.89 after Bob Iger said he was open to extending his term as chief executive officer. Analysts say market is reducing expectations for the number of USA interest rate hikes this year as well as for fiscal stimulus policies and tax cuts from President Donald Trump's administration.Goldman Sachs fell 1.1 percent and was the biggest drag on the Dow.The dollar slipped 0.14 percent, while gold rose to a near three-month high amid political uncertainty in Europe ahead of elections.

At 11:03 a.m. ET (1603 GMT), the Dow Jones industrial average was up 80.77 points, or 0.4 percent, at 20,133.19.

In corporate earnings news, Emerson Electric shares rose 4.5 percent after the manufacturer reported a higher-than-expected profit.

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With about two-thirds of the S&P 500 having reported results, fourth-quarter earnings are on track to have climbed 8.3 percent, which would be the best performance since the third quarter of 2014, according to Thomson Reuters I/B/E/S. The S&P slid 0.2 percent to 2,292.56.

General Motors slipped 3.3 per cent to $35.68 after the automaker said fourth-quarter net income fell partly because of $500 million in foreign exchange losses.

The benchmark S&P 500 receded after climbing close to a record high on Friday.

About 6.7 billion shares changed hands on USA exchanges, similar to the daily average over the last 20 sessions.

Declining issues outnumbered advancers on the NYSE by 1,684 to 946. However, the S&P 500 just managed to break even.