Shares of utilities companies and other dividend stocks pulled back Monday, keeping gains in check for major U.S. indexes. The utilities sector of the S&P 500 shed 0.6%, while telecom and consumer-staples stocks also fell. Utilities led last week's gains, rallying alongside U.S. government bonds as investors pulled back on some popular post-election trades. "We're really trying to discern the magnitude of policy and timing," said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank. "We've had a lot of posturing from the new administration without getting the particulars." President Donald Trump is set to deliver a speech to Congress Tuesday, where he is expected to outline his policy priorities, including simplifying the tax code and dismantling the Affordable Care Act, White House officials said Sunday. The S&P 500 has risen more than 10% since the November election, while the Dow has risen over 13%, partly driven by hopes that Mr. Trump's policies will boost corporate earnings.
Argonaut | The Natural Choice in Resources.
© 2024 Argonaut.