Stocks wavered for much of the session in the aftermath of the Federal Open Market Committee’s meeting minutes yesterday and concerns about delayed timing of administration initiatives.
Stocks posted another day of solid gains at the start of a holiday-shortened trading week.
Stocks closed essentially flat after their recent rallies as mixed economic reports showed a big gain in manufacturing activity in the Philadelphia area but also slower housing starts in several major U.S. regions.
Stocks at first traded cautiously as Federal Reserve Chair Janet Yellen testified before Congress, leaving an opening to a March rate hike.
The major indexes continued their push to record highs, boosted by optimism over President Trump’s upcoming tax plan and the ratcheting down of tensions over whether the U.S. would continue to recognize the One China policy regarding Taiwan.
As a winter storm pummeled Wall Street and the East Coast, stocks posted solid gains to push all three major indexes to new highs.
Sinking oil prices and a rising trade deficit weighed on stocks, limiting the major indexes to modest gains.
The major indexes traded in and out of the red for most of the day, before settling essentially flat.
For most of the session, stocks traded moderately deep in the red before cutting losses in a late-afternoon rally.