#AceFinanceReport – Feb.25: Dow posts longest win streak since 1992; Street prepares for Trump’s speech to Congress … CNBC
U.S. equities closed flat to higher while investors awaited President Donald Trump’s speech to Congress next week. On Thursday the Dow posted 10th straight record close after Steve Mnuchin remarks, but tech snaps 15-day win streak
U.S. equities closed mixed Thursday on the back of remarks made by newly minted Treasury Secretary Steve Mnuchin.
“There has been a lot of hope and expectation built into this market. This has been a buy-high, sell-higher market, and that is largely been justified by those expectations,” said David Schiegoleit, managing director of investments at U.S Bank Private Client Reserve. “But when reality hits, that’s when markets might revalue.”
U.S. Treasurys and gold prices — considered traditional safe-haven assets — also rose following Mnuchin’s interview.
The benchmark 10-year note yield fell to 2.387 percent, while the short-term two-year note yield slipped to 1.192 percent. Gold futures for April delivery, meanwhile, settled $18.10 higher at $1,251.40 per ounce.
“There is an incredible amount of skepticism out there, especially for a market that keeps making new highs,” said Maris Ogg, president at Tower Bridge Advisors. “I think people keep focusing on Trump’s missteps rather than the big picture, which is that the world economy is improving.”
Recent U.S. data continues to show strength, as the Citi Economic Surprise index holds near its highest level since 2014. Weekly jobless claims remain near their lowest levels in more than 40 years.
The U.S. dollar fell about 0.2 percent against a basket of currencies, with the euro near $1.058 and the yen around 112.70.
In a meeting with several manufacturing CEOs, President Donald Trump said he wants a weaker dollar, which would benefit U.S. exporters. The greenback has risen more than 3 percent since Nov. 8.
In corporate news, Tesla reported mixed quarterly results, topping revenue estimates but falling short of profit forecasts. Meanwhile, Victoria’s Secret parent company L Brands reported weak forward-looking guidance Wednesday after the close, sending its stock tanking more than 15 percent.
Overseas, European equities closed mostly lower, with the pan-European Stoxx 600 index declining 0.14 percent. In Asia, the Shanghai composite fell 0.3 percent while the Nikkei 225 closed just below the flatline.
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