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Dow breaks 12-day win streak

Wednesday, March 01, 2017 - 01:09

Wall Street slipped Tuesday as investors awaited President Donald Trump's address to Congress.

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The Dow broke its 12-day wining streak Tuesday ahead of President Donald Trump's speech before Congress. Consumer and telecom stocks weighed on the broader market. And U.S. economic growth slowed in the fourth quarter. Wells Fargo Funds Management's John Manley on the message Trump has to provide to keep the rally going: SOUNDBITE: JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO FUNDS MANAGEMENT, (ENGLISH) SAYING: "I think what he has to deliver is some sense the economy is going to get better. I think it's been driven by profits. I still think that Donald Trump isn't so much the cause of this rally as the trigger for it." Target shares tumbled. It shocked Wall Street by forecasting weak profit for the full year. It said it'll take a $1 billion hit to margins to cut prices and beef up its online activity. Charles Schwab shares fell after the discount brokerage said it would cut its fees for trading ETFs and online equities. TD Ameritrade dropped in sympathy. Priceline shares heading the other way. The travel website operator's quarterly profit rose sharply, and an increase in hotel reservations drove revenue sharply higher. In Europe, shares edged higher as investors bought industrial and financial stocks.

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Dow breaks 12-day win streak

Wednesday, March 01, 2017 - 01:09