S&P 500 halts win streak at 5 days as energy and communication-services stocks stumble
Stocks finished lower Wednesday, snapping a five-day winning streak for the S&P 500, after President Donald Trump's State of the Union address offered few details on his economic agenda. The president, however, insisted China commit real, structural reforms before a trade deal can be reached. The Dow Jones Industrial Average finished 21 points, or less than 0.1%, lower at 25,390, while the S&P 500 index closed off by 0.2% at 2,732, registering its first loss of the past five sessions. The energy sector, down 0.8%, and the communication-services group, which includes names like Facebook Inc. , ended with a 1.5% loss on the day. The Nasdaq Composite Index , meanwhile, ended 0.4% lower at 7,375. The three main equity benchmarks have mostly gained, rising by at least 16%, since a Dec. 24 recent nadir for the stock market. In corporate news, shares of Snapchat-parent Snap Inc. surged by 22% after its quarterly results late Tuesday. More broadly, investors were focused on progress in trade talks between the U.S. and China and kept one eye on the Federal Reserve after former boss Janet Yellen said during a CNBC interview that the next move for the central bank could be a rate cute, if sluggish global growth begins to hurt U.S. economic expansion. The Fed under Chairman Jerome Powell has recently adopted a more accommodative monetary policy stance after four rate increases in 2018. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.