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The Dow Jones Industrial Average scored its sixth straight record high on Thursday, but just barely, while the S&P 500 edged lower due to declining energy stocks. It was a mixed day on wall Street as investors digested recent gains and sold banks that have been big winners in the "Trump rally" that has seen the S&P 500 rise about 5 percent so far in 2017, with the Dow Jones Industrial Average up 4 percent. Signs of an improving economy and promises by President Donald Trump to cut corporate taxes and reduce financial regulations have been behind much of the recent gains.
Now, with a strong fourth-quarter earnings season mostly complete, many investors say they need concrete signs of progress from Trump to justify more gains. "Some of the excitement and enthusiasm over earnings and those Trump growth initiatives is starting to shift to more practical, day-to-day events," said Jeff Kravetz, a Phoenix-based regional investment director of the Private Client Reserve at US Bank.
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