Dow Jones notches 12th record high close

Irrational exuberance? The Dow Jones Industrial Average has logged 10 up days in succession its longest such streak

The Dow Jones Industrial Average was down 25.2 points, or 0.12 percent, to 20,812.24, the S&P 500 had lost 6.11 points, or 0.26 percent, to 2,363.64 and the Nasdaq Composite had dropped 36.46 points, or 0.62 percent, to 5,825.44. The tech heavy Nasdaq Composite also closed higher - 17 points higher at 5,862. The broader S&P 500 index went up 2.41 points or 0.1 percent to end at 2,369.75. "There's only so much the market can deliver when there's still these many unknowns, specifically the Washington impact is now as much a head wind as it is a tail wind".

BIG SPEECH: Investors are hoping Trump's first speech to a joint session of Congress, scheduled for Tuesday evening - or Wednesday morning in Asia will bring more clarity on promised tax cuts, infrastructure spending and other business friendly policies.

The Dow Jones Industrial Average scaled its 12th consecutive record high, its longest such run since 1987. While the German DAX Index is down by 0.1 percent, the French CAC 40 Index is up by 0.1 percent and the U.K.'s FTSE 100 Index is just above the unchanged line.

The Russell 2000 index of smaller-company stocks gave up 21.29 points, or 1.5 percent, to 1,386.68.

Target slumped 12.2 per cent and was on track for its worst day since December 2008, after the retailer's full-year profit forecast missed estimates and the company said it would take a $US1 billion hit to its operating profit.




Six of the 11 major S&P 500 sectors were higher, with energy.SPNY rising on higher oil prices.

Still, despite the strong reading on US consumer confidence in February - the best since summer 2001 - investors were unwilling to make ever bigger bets on the Dow ahead of Trump's highly publicized speech to Congress late Tuesday.

Crude oil prices were almost 1 percent lower; about $54 a barrel.

Trump, who met with state governors at the White House, also said he is seeking what he called a "historic" increase in military spending of more than 9%, while he said his administration would be "moving quickly" on regulatory reforms. Of course, even if the shares struggle today, they could be in store for a short-term boost after leaving the S&P 500 Index (SPX) on Thursday. TD Ameritrade slid 10.5 percent.

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