The blue chips closed higher for a tenth straight session, but tech stocks dragged the Nasdaq lower. Fred Katayama reports.
Mixed day on Wall Street. The Dow closed higher for the tenth straight session, lifted by telecom and healthcare, but tech and materials stocks dragged the Nasdaq lower. Helping pare losses: President Donald Trump's pledge to CEOs that he'll bring back millions of jobs to the United States. Global Markets Advisory Group's Peter Kenny: SOUNDBITE: PETER KENNY, SENIOR MARKET STRATEGIST, GLOBAL MARKETS ADVISORY GROUP, (ENGLISH) SAYING: "The reason why the market is so mixed is because we've had this runup and really what you're seeing is investors move out of outperformance and move into underperforming sectors of the market." Weighing on the Nasdaq: Victoria's Secret owner L Brands. The fashion retailer's comparable sales dropped steeply in February as its lingerie chain faced slowing demand. Tesla shares falling the day after CEO Elon Musk said the electric car maker might need to raise more cash. Kohl's profit fell in the holiday quarter, but like Macy's, its results beat expectations. It was able to avoid deep discounting because it had kept inventories low. Investors got a dose of strong economic news. The four-week average of the number of Americans filing for jobless benefits fell slightly last week. Home prices rose solidly in December. And Treasury Secretary Steven Mnuchin said he wants to see "very significant" tax reform passed before Congress' August recess. In Europe, banking and mining stocks led shares lower.