(Updates to late afternoon, adds commentary)
* Wall Street indexes little changed
* Dollar little changed, Treasury yields higher
* Trump addresses joint session of Congress on Tuesday
By Sinead Carew
NEW YORK, Feb 27 Wall Street rose slightly on
Monday and U.S. Treasury yields were higher as investors held
their breath a day ahead of a key speech by U.S. President
Oil futures' gains were capped by rising U.S. production
even as a global supply glut appeared to ease, while the S&P
500's energy sector saw the biggest percentage increase
among benchmark index sectors.
While many investors were hoping Trump would unveil details
on pro-business policies including tax reform, cash repatriation
or infrastructure spending during his address to Congress
Tuesday night, others were not ready to make new bets as they
worried that the speech would disappoint.
"The markets are just going to do nothing until they get
into the address tomorrow night," said Jeffrey Saut, chief
investment strategist at Raymond James Financial in St.
"Investors want something concrete on corporate taxes or
repatriation. They're more focused on that than the affordable
care act, but the first focus of the administration is ACA."
The dollar was up 0.06 percent against a basket of
major currencies after Trump said Monday that tax reform details
would not be revealed until after the administration's proposal
Investors had hoped for "more clarity around tax reform
sooner rather than later" said Bipan Rai, senior macroeconomic
strategist at CIBC Capital Markets in Toronto.
At 2:50 p.m. ET, the Dow Jones Industrial Average was
up 26.14 points, or 0.13 percent, to 20,847.9, the S&P 500
had gained 3.04 points, or 0.13 percent, to 2,370.38 and
the Nasdaq Composite had added 10.37 points, or 0.18
percent, to 5,855.67.
U.S. 10-year Treasury notes were last down 14/32
in price to yield 2.367 percent, from a yield of 2.317 percent
late Friday. Two-year notes were last down 3/32 in
price to yield 1.204 percent, from a yield of 1.145 percent late
MSCI's benchmark world stock index was up 0.1 percent
after it hit a record high Thursday. Europe's
benchmark index of leading 300 shares fell 0.2 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan
fell 0.3 percent, while Japan's Nikkei
fell 0.9 percent for its lowest close since Feb. 9 on concerns
that a stronger yen would crimp corporate earnings.
The Dow Jones Industrial Average scaled its 11th consecutive
record high on Friday, the longest such run since 1987, leading
some to suggest it could be prone for a correction.
In commodities, Brent crude was down 0.04 percent at
$55.97 per barrel while U.S. West Texas Intermediate
settled up 0.1 percent at $54.05 per barrel as a global supply
glut appeared to ease.
(Additional Reporting by Sam Forgione and Karen Brettell in New
York, and Jamie McGeever in London; Editing by Bernadette Baum
and Nick Zieminski)