The S&P 500 ended slightly higher on Wednesday as investors digested mixed earnings reports, while the Dow Jones Industrial Average slipped as bank stocks weighed. The Nasdaq gained moderately to close at a record high for a second straight day, lifted by big tech names such as Facebook and Apple.
Allergan shares rose 3.7 percent after the drugmaker's fourth-quarter profit and revenue topped estimates. Gilead Sciences shares tumbled 8.6 percent and were the biggest drag on the benchmark S&P after the biotech company's weak forecast for its hepatitis C medicines. Major US stock indexes are hovering around record highs after a rally following the November 8 election of President Donald Trump amid expectations he will usher in fiscal stimulus and lower regulations and taxes.
But the rally has stagnated in recent days as investors await more details about Trump's potential economic policy agenda. "Usually, this would be a period in which earnings and guidance drive the market," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
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