Monday, February 27, 2017
Subscribe Successful Calls Model Portfolio Login Free Trial Feedback About Us FAQ Links

Market Digest Online Banner

[Most Recent Quotes from]
[Most Recent Quotes from]

Market Digest Online MONDAY, FEBRUARY 27, 2017 - DOW POSTS LONGEST WIN STREAK SINCE 1992: U.S. equities closed flat to higher Friday, taking a breath from their most recent run at record levels, while investors awaited President Donald Trump's speech to Congress next week.

"I'm not necessarily expecting him to say exactly what he's going to do," said Kim Forrest, senior equity analyst at Fort Pitt Capital. She does expect Trump to indicate that some of his key proposals — especially tax reform, deregulation and repealing Obamacare — can be put into law sometime this year.

However, experts are concerned that this timetable may not be feasible, given Congress' agenda already includes repealing Obamacare and a Supreme Court nomination. Trump is set to speak at a joint Congress session Tuesday night.

"One of the things you can project is that we're going to get a roadmap on what they're going to do," said Art Hogan, chief market strategist at Wunderlich Securities. "I think that will be helpful."

The Dow Jones industrial average ended marginally higher, recording its 11th straight record close and its longest winning streak since 1992. The S&P 500 rose 0.15 percent to close at a record high, with utilities rising 1 percent to lead advancers. The Nasdaq composite gained 0.17 percent, posting a five-week winning streak. Stocks held lower for most of Friday's session, before climbing into positive territory in the last hour of trade.

In economic news, U.S. new home sales rose 3.7 percent in January, below the expected increase of 6.3 percent. Meanwhile, consumer sentiment in the U.S. hit 96.3 in February, slightly above an estimate of 96.

The U.S. dollar chopped around the flatline against a basket of currencies, with the euro near $1.057 and the yen around 112.1. The greenback is down about 1 percent this year after staging a sharp rally after Nov. 8, and was mostly flat for the week.

About five stocks advanced for every four decliners at the New York Stock Exchange, with an exchange volume of 934.37 million and a composite volume of 3.806 billion at the close. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 11.4.

© Copyright 1998+ Market Digest Online, Inc. All Rights Reserved