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Dow extends win streak

Friday, February 24, 2017 - 01:32

The Dow managed to stretch its streak of record-setting closes to 11 days. Fred Katayama reports.

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The Dow mounted a last minute rally to extend its winning streak to 11 days. Utilities and telecom stocks led the way higher on the S&P 500. Earlier in the session, economic news weighed on the indices. New home sales rose less than expected in January, and consumer sentiment eased this month. Oliver Pursche of Bruderman Brothers: SOUNDBITE: OLIVER PURSCHE, CEO, BRUDERMAN BROTHERS, (ENGLISH) SAYING: "Well, I think you had some less than great economic data that came out today, and as you pointed out, it's been a ten-day winning streak for the Dow and other major indices making new highs, so letting some air out of the balloon is very much part of the natural cycle." Shares of high-flying Hewlett Packard Enterprise dragging down the S&P 500. The strong dollar and stiff competition in the cloud business pushed HP's corporate hardware and software business to cut its full year profit forecast. Alphabet shares dipped after its self-driving car business, Waymo, sued Uber and its autonomous trucking subsidiary, Otto. Waymo accused them of stealing confidential sensor technology. J.C. Penney shares dropped. The department store chain is closing up to 140 stores in the next few months and a distribution center in Florida. Like Macy's, it's hit hard by weak demand for clothing and fierce competition from online retailers. Hilton Worldwide share getting a lift. The hotel chain is dropping "Worldwide" from its name and buying back up to $1 billion of its shares. Jitters in the bond markets hurt stocks in Europe. Banks led the way lower.

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Dow extends win streak

Friday, February 24, 2017 - 01:32