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US stocks snap longest record setting run since ’95

The four major US stock benchmarks snapped their longest record setting streak since 1995 on Thursday.

The S&P 500 closed 0.1 per cent lower at 2,347.22, while the Dow Jones Industrial Average ended the day little changed at 20,620.04. Meanwhile, the Nasdaq Composite slid 0.1 per cent to 5,814.90, while the Russell 2000, the benchmark index for US small cap stocks, fell 0.5 per cent to 1,397.18.

The four indices had each closed at record highs every day for the past four trading days — a feat last achieved in June 1995, according to FactSet data. But the risk-on rally came to an end on Thursday as investors appeared to pause and take stock as they awaited more details on Donald Trump’s tax policies.

Instead, investors once again sought out safe haven assets. Utilities, favoured for their steady income and perceived safety were the biggest gainers on the benchmark S&P 500. Meanwhile, the yield on the US 10-year Treasury note, that moves inversely to price, slid 4.3 basis points to 2.45 per cent.

Elsewhere, gold prices rose 0.5 per cent to $1,239.01 a troy ounce, while the Japanese yen, considered a safe haven currency, advanced 0.8 per cent against the US dollar.

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