By Ryan Vlastelica
Dow's 11-day streak of records is longest since 1987
U.S. stocks staged a last-minute rally on Friday, with major
indexes turning positive ahead of the closing bell and the Dow
extended its record-setting streak as investors shrugged off
concerns the rally was overdone.
Both the S&P 500 and the Nasdaq rose for a fifth straight
week, while the Dow brought its string of weekly gains to
three.
The Dow Jones Industrial Average rose 9.1 points, or less than
0.1%, to end at 20,819.84. The blue-chip average rose for an 11th
straight day for the first time since 1992, as well as its 11th
straight record closing high
(http://www.marketwatch.com/story/dow-eyes-10th-day-of-gains-as-us-stock-futures-rise-on-back-of-oil-rally-2017-02-23)--the
longest such streak since 1987. The Dow had traded in negative
territory for essentially the entire session, only breaking into
the green with seconds to spare.
"There was concern that the market was getting tired and that we
were losing momentum, but there are still significant inflows,
because now even the pessimists want a piece of the action. It's
momentum driven, not fundamentally driven," said Lawrence Glazer,
managing partner at Mayflower Advisors.
The S&P 500 rose 3.4 points, or 0.2%, to end at a record of
2,367.28. The Nasdaq Composite rose 9.8 points to end at 5,845.31,
a rise 0.2%.
The day's gains were broad, with nine of the 11 primary S&P
500 sectors ending higher. The only two that fell did so heavily,
with financials down 0.8% and energy stocks down 0.9%. Both groups
have been among the biggest postelection gainers.
Among the top drags on the Dow, Goldman Sachs Group Inc.(GS)
fell 1.5% while J.P. Morgan Chase & Co. (JPM) fell 0.9%. The
third- and fourth-largest decliners were Exxon Mobil
(XOM),(XOM)(XOM) and Chevron Corp(CVX) which lost 0.8% on the
day.
"A lot of the inflows are just blindly into passive vehicles,
which pushes the major averages higher. But there is weakness in
the Trump-leadership stocks," Glazer said. "Financials are notably
weak, Goldman is notably weak. That's due to both profit-taking and
high valuations."
For the holiday-shortened week, major indexes posted gains. The
Dow rose 1% on the week while the S&P added 0.7% and the Nasdaq
rose 0.1%. That marked the fifth straight weekly advance for the
S&P and the Nasdaq, and the third straight for the Dow.
The Dow is up nearly 9.1% over the past three months, with
investors attributing gains largely to Trump's November election
victory. Investors are betting that Trump's policies on taxes and
regulation will accelerate economic growth and boost corporate
earnings, but concerns are growing
(http://www.marketwatch.com/story/investors-may-be-banking-too-much-on-trump-lifting-earnings-2017-02-22)
over the administration's ability to deliver on the tax plans.
Markets saw little impact from a speech Trump gave at the
Conservative Political Action Conference, where he said that the
U.S. tax code would be made more fair.
Investors are also looking ahead to an address that Trump is
scheduled to make to Congress on Feb. 28, where he is expected to
provide details on his highly anticipated tax reform proposals.
Read: Here's how analysts say you should trade Trump's speech to
Congress
(http://www.marketwatch.com/story/heres-how-analysts-say-you-should-trade-trumps-speech-to-congress-2017-02-24)
Separately, Federal Reserve Chairwoman Janet Yellen and Fed Vice
Chairman Stanley Fischer are slated to speak on Friday next week.
Investors will scour the comments for any hints as to when the
central bank will raise interest rates.
(http://projects.marketwatch.com/2017/trump-today-signup/)
Read:Mnuchin in no rush to label China a currency manipulator
(http://www.marketwatch.com/story/mnuchin-in-no-rush-to-label-china-a-currency-manipulator-2017-02-23)
And see:Doubts persist about tax timing as Trump meets with CEOs
(http://www.marketwatch.com/story/doubts-persist-about-tax-timing-as-trump-meets-with-ceos-2017-02-23)
Read: Why oil experts think OPEC's U.S. headache won't go away
this year
(http://www.marketwatch.com/story/why-oil-experts-think-opecs-us-headache-wont-go-away-this-year-2017-02-20)
(http://www.marketwatch.com/story/why-oil-experts-think-opecs-us-headache-wont-go-away-this-year-2017-02-20)Crude
oil fell but held on to a weekly gain
(http://www.marketwatch.com/story/oil-prices-step-back-with-us-rig-count-data-ahead-2017-02-24)
after data showed a further rise in the number of U.S. rigs
drilling for crude. The U.S. benchmark on Thursday posted its
highest close in more than a year and a half.
In the latest economic data, consumer sentiment fell from a
13-year high in February, while new-home sales
(http://www.marketwatch.com/story/new-home-sales-bounce-back-in-january-as-housing-demand-bolsters-market-2017-02-24)
posted a strong rebound in January.
Stock movers: Shares of Hewlett Packard Enterprise Co.(HPE)
slumped 6.9% after the IT company late Thursday reported lower
sales than expected
(http://www.marketwatch.com/story/hewlett-packard-enterprise-falls-after-revenue-miss-slashed-earnings-forecast-2017-02-23)
and cut its earnings projections for the fiscal year.
Shares of RH(RH), the company formerly known as Restoration
Hardware, jumped 24% a day after it forecast higher-than-expected
quarterly results
(http://www.marketwatch.com/story/rh-shares-rally-on-higher-than-expected-forecast-2017-02-23).
Nordstrom Inc.(JWN) rallied 5.7% after the department store
chain late Thursday reported earnings that beat forecasts
(http://www.marketwatch.com/story/nordstrom-shares-rise-after-retailer-beats-earnings-expectations-2017-02-23).
The retailer has been in focus
(http://www.marketwatch.com/story/nordstrom-recovers-from-trumps-terrible-tweet-in-just-4-minutes-2017-02-08)
following a recent decision by the company to drop Ivanka Trump's
fashion label, citing poor sales. President Trump had tweeted that
the company was treating his daughter "so unfairly," although the
tweet didn't have a lasting negative impact on the stock.
Foot Locker Inc.(FL) gained 9.4% after the shoe retailer
reported profit that beat forecasts
(http://www.marketwatch.com/story/foot-locker-profit-and-sales-rise-above-expectations-2017-02-24).
J.C. Penney Co. Inc.(JCP) tumbled 5.8%, also after releasing
results.
Other markets:Asian stock markets
(http://www.marketwatch.com/story/asian-markets-dip-as-investors-cash-out-after-dovish-fed-minutes-2017-02-23)
closed mostly lower, with Europe following the same trend in the
early going.
Metals rose across the board, with silver on track for a ninth
straight weeks of gains.
The ICE Dollar index rose 0.1%.
(END) Dow Jones Newswires
February 24, 2017 16:34 ET (21:34 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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