By Yashaswini Swamynathan
U.S. stocks dipped late on Thursday morning due to losses in banks and health stocks, reversing course after earlier inching up enough to notch record intraday highs for the sixth straight session.The six-day streak was sparked a week back by President Donald Trump's vow of a 'phenomenal' tax announcement, and fueled by optimism that his plans for corporate deregulation will expand the economy.However, worries have started to surface that Trump so far has provided no substantial details on his plans."Some of these policies are game changers to certain sectors and the market is being somewhat rational in terms of taking a bit of a breather before we have more facts as opposed to plans or intention," said Tracy Maeter, global investment specialist at J.P. Morgan Private Bank in Philadelphia. "I would expect that we are going to be in this mode in terms of taking two steps forward and one step back."The S&P 500 financial sector fell 0.64 percent, dropping after five straight days of gains. Healthcare also recorded losses for the first time in six days.
At 11:00 a.m. ET (1600 GMT), the Dow Jones Industrial Average was down 26.44 points, or 0.13 percent, at 20,585.42 and the Nasdaq Composite was down 12.50 points, or 0.21 percent, at 5,806.94.The S&P 500 was down 6.49 points, or 0.27 percent, at percent, at 2,342.76. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013.Seven of the 11 major S&P sectors were lower. The utilities and real estate sectors rose for the first time in three days.
The technology index rose 0.39 percent on Cisco's 3.5 percent jump to $33.96, making it the top stock on the three main indexes.Kraft Heinz was the top drag on the S&P, falling 4.9 percent to $86.59 after company reported a 3.1 percent drop in quarterly U.S. sales.NetEase jumped 12.1 percent to $293.60 following the Chinese online game developer's revenue beat.
Molina Healthcare tumbled 17.6 percent to $49.32 after the health insurer reported a fourth-quarter loss and forecast 2017 profit far below estimates.Declining issues outnumbered advancers on the NYSE by 1,755 to 1,048. On the Nasdaq, 1,681 issues fell and 985 advanced.The S&P 500 index showed 49 new 52-week highs and no new lows, while the Nasdaq recorded 104 new highs and 17 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza)
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Updated Date: Feb 16, 2017 23:45:06 IST