US stocks end mixed, Dow edges up to record high

Published: November 08, 2017 10:26:55 | Updated: November 09, 2017 12:22:55


Wall Street ended mixed trade on Tuesday, the Dow Jones eked out a fourth consecutive record high, while the S&P 500 ended marginally lower.

The S&P 500 financial index led decliners with a 1.33 per cent fall, reports Reuters.

Defensive sectors such as utilities and consumer staples were the top gainers on the S&P 500, both rising more than 1.0 per cent. Procter & Gamble added 1.08 per cent.

The US 2-to-10-year Treasury yield curve hit its flattest in a decade, potentially cutting into the profits of banks, which borrow money at short-term interest rates in order to lend it out at longer terms.

Goldman Sachs lost 1.51 per cent and weighed the most on the Dow, while JPMorgan and Bank of America were among the top three drags on the S&P 500.

Priceline slumped 13.52 per cent while travel-review website operator TripAdvisor dropped 23.22 per cent to a five-year low after both companies gave soft quarterly profit forecasts.

The Russell 2000 index, which tracks US small-cap stocks, dropped 1.26 per cent.

The S&P 500 has risen about 15 per cent in 2017, helped by strong earnings, an improving economy and promises by President Donald Trump to cut taxes.

The Dow Jones Industrial Average ended up 0.04 per cent at 23,557.23 after spending most of the day in negative territory. The S&P 500 dipped 0.02 per cent to 2,590.64.

The Nasdaq Composite slipped 0.27 per cent to 6,767.78.

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