Dow Pares Gains, Trump’s Press Conference Tempers Trading Enthusiasm
U.S. equities turned higher on Tuesday with major benchmarks trading near record levels. The Dow Jones Industrial Average hit an intra-day high at 19.957 before retreating to 19.912, up 0.13% compared to the open price.
Investors are awaiting a news conference from President-elect Donald Trump set for Wednesday and corporate earnings season. American Express Co. and Caterpillar Inc led gainers. The former gained 2.19% while the latter was up 1.97%.
Goldman Sachs Group was the biggest faller of the index as the bank was downgraded to “sell” citing valuation by Citigroup. The downgrade sent Goldman Sachs’s stock down as much as 1.6 percent. Large U.S. banks are due to start reporting fourth-quarter results on Friday. This is their first quarterly earnings reports since the election in November and the Federal Reserve’s rate hike in December.
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