Dow breaks 12-day record streak ahead of Trump speech

Dow breaks 12-day record streak ahead of Trump speech

Dow breaks 12-day record streak ahead of Trump speech

Several energy companies fell along with the price of natural gas.

A slide led by Target and other big retailers pulled USA stock indexes lower Tuesday, snapping a 12-day winning streak for the Dow Jones industrial average.

All the major indexes moved into record territory, with the DJIA up 303.31 points to 21,115.55 at the close of trading.

Ahead of his address, due at 9:00 p.m. EST (0200 GMT), Trump on Monday met U.S. state governors at the White House and said he sees "big" infrastructure spending and that he is seeking a "historic" increase in military spending of more than 9 percent. "The political uncertainty has been one of the factors holding the market back in the face of an improving economy". The benchmark Kospi finished up 11.01 points or 0.53 percent at 2,102.65, the highest level since February 23.

At the close, the Dow Jones Industrial Average fell 25 points to close at 20,812, the S&P 500 fell 6 to 2,364, the Nasdaq lost 36, closing at 5,825 and the Russell 2000 closed at 1,387 for a loss of 21. Nine months later, on October 19, 1987, the Dow plummeted more than 500 points, or about 22 percent, on what became known as Black Monday.

Billionaire investor and Berkshire Hathaway CEO Warren Buffet said Monday that the recent stock market surge might not be a short-term phenomenon and that investors should consider buying stock.

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Stocks have rallied consistently since Trump's election, fueled by optimism that he would bolster business with tax reform and looser financial and environmental regulations.

"This helps justify the gains, as it isn't all based on hopes for tax reform or infrastructure spending", he said. "In summary, we did not learn much [on Tuesday] that would influence our economic outlook".

"The case for monetary policy tightening has become a lot more compelling", New York Fed President William Dudley told CNN. Banks led gains among all industries.

Mylan rose 7.4 percent as the generic drugmaker reported a 31 percent jump in quarterly revenue. Snap, which runs the Snapchat messaging app, will make its stock market debut later Thursday. The 10-year Treasury yield rose to 2.45 percent from 2.40 percent late Tuesday.

Mining giants BHP Billiton and Rio Tinto rallied 3-4 percent and South32 shares jumped over 9 percent after industrial metals advanced overnight. Crude oil declined, and gold fell to $1,249.80 per ounce as investors swarmed stocks. "Markets will be hanging on every word, looking for some tremendously wonderful concrete details of his administration's fiscal plans", said Jeffrey Halley, senior market analyst at OANDA.

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