US stocks in red into close
Boeing shares take a hit
US crude lower
Wall Street stocks are lower into the close, with the Dow Jones Industrial Index down 86 points at 26,028.
The recent rally came off Wall Street on the day as traders struggled to find direction, though the Dow did stay above 26,000.
The S&P 500 shed 4.27 at 2,798 and the Nasdaq lots 1.08 at 7,297.
US crude is down 0.31% at the time of writing at US$63.77 a barrel.
In Toronto, the TSX lost almost 49 points to stand at 16,277.
Airline Boeing (NYSE:BA) lost 2.85% at US$341 after a scorching run in 2017, where the stock added 90%.
MID-SESSION
US stocks were mixed at mid-session, with the Dow Jones down over 103 points at 26,012.
The broader-based S&P 500 is down 4.79 at 2,797.
But the tech heavy Nasdaq index is up 2.16 to stand at 7,300.
US crude - West Texas Intermediate - is down 0.08% to US$63.90 a barrel.
In Toronto, the TSX is down 3.80 to stand at 16,322.
The Trump bump..?
Wall Street has been boosted by Donald Trump’s tax changes, and, as highlighted by AJ Bell investment director Russ Mould, America’s current president is within touching distance of being “the best” post-war president for the stock market.
“If the Dow Jones Industrials rises by a further 1.3% to 26,450 by the close on Friday the headline US index will have generated its best return ever in the first year of any post-war President, something which Donald Trump may well be keen to crow about on Twitter,” Mould said, in a note.
Presently, though Trump is still behind Barrick Obama – in the first year, of his first term, the Dow Jones gained 33.4% whereas in the period since Trump’s inauguration (January 20 2017) the index has gained 31.7%.
OPEN
US stocks started lower with the Dow Jones off 28 points but the benchmark still managed to stay above 26,000.
It stands at 26,0876 - down 28, at the time of writing, while the S&P500 shed 1.95 at 2,800.
The Nasdaq was down 7.85 at 7,290.
In Toronto, the TSX was off 14.31 at 16,312.
In equities, Alcoa (NYSE:AA) shares plunged over 8% to US$52.34 as it posted a net loss of US$196mln, equivalent to US$1.06 a share, after taking a US$391mln hit relating to previously announced actions relation its Rockdale operations and the Portovesme smelter.
In the same quarter of 2016, the company reported a loss of US$125mln.