Dow dragged down by banks; S&P and Nasdaq flat

The Trump Rally Is Overshadowing The Best Earnings Season In Years

Diluted earnings per share for the quarter decreased 10 percent to 1.55 dollars from 1.73 dollars a year ago.

USA equities have rallied sharply after Trump's election victory in November, spurred by hopes the Republican-led government will cut regulations and taxes and enact higher infrastructure spending.

The Dow Jones Industrial Average rose 39.27 points, or 0.2 percent, to 20,091.69, the S&P 500 gained 0.4 points, or 0.02 percent, to 2,292.96 and the Nasdaq Composite added 7.06 points, or 0.12 percent, to 5,670.61.

The S&P 500 index added 1.59 points, or 0.1 percent, to 2,294.67.

Oil prices were pressured by sluggish demand and evidence of a burgeoning revival in USA shale production that could complicate efforts to reduce a supply glut.

"But because it's the first three weeks or four weeks of a new president who is promoting radical change than what has been going on, Washington takes precedence, I think, over earnings in the eyes of investors these days".

Walt Disney was up 1.6% at US$110.89 after Bob Iger said he was open to extending his term as chief executive officer.

The entertainment firm reported quarterly earnings of 2.479 billion USA dollars for its first fiscal quarter ended December 31, 2016, a decrease of 14 percent from the prior-year quarter.




Tech stocks helped prop up the S&P.

Seven of the 11 major S&P sectors were higher, with technology index's 0.58 percent rise and industrials' 0.56 percent gain leading the advancers.

Financials, which have soared since the election, were the worst-performing S&P sector, falling 0.8 percent.

Shares of Michael Kors dropped 12.8 per cent to $36.02 after the handbag maker reported disappointing third quarter sales and cut its full-year revenue forecast.

In corporate earnings news, Emerson Electric shares rose 4.5 percent after the manufacturer reported a higher-than-expected profit.

General Motors slipped 3.3 per cent to $35.68 after the automaker said fourth-quarter net income fell partly because of $500 million in foreign exchange losses.

Issues in the declining sense have been less than advancing issues on the NYSE by about 1.29 to 1 ration and on NASDAQ a ratio of 1.23 to 1 in favor of the decliners.

The S&P 500 index showed 25 new 52-week highs and two new lows, while the Nasdaq recorded 73 new highs and 25 new lows.

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