A global rally in stocks paused on Tuesday, halting a nine-day advance that had sent the most widely tracked index of world stock markets to record highs.
All three of Wall Street`s major indexes dipped in U.S. afternoon trading, sending the MSCI 47-country `All World` index <.miwd00000pus> down slightly after it had hit record highs above 500 points after Japan`s Nikkei <.n225> notched its best level since 1992 and Germany`s DAX <.gdaxi> scored a record high. The index is up nearly 20 percent for the year to date.
"You`ve had almost a perfect backdrop for equities," said Pictet Asset Management`s global strategist Luca Paolini. "You have acceleration in nominal growth, earnings are between 10-15 (percent higher) globally and whatever you look at is pretty much in double digits."
After hitting all-time highs shortly after the opening bell, the Dow Jones Industrial Average <.dji> fell 11.21 points, or 0.05 percent, to 23,537.21, the S&P 500 <.spx> lost 2.8 points, or 0.11 percent, to 2,588.33 and the Nasdaq Composite <.ixic> dropped 24.31 points, or 0.36 percent, to 6,762.13.
Financial stocks <.spsy> led the U.S. market lower, with the S&P 500 financial sector losing 1.2 percent, the largest decline of any sector. U.S. Treasury yields hit a two-week low.
Oil prices fell slightly after posting the biggest rise in six weeks following the Saudi crown prince`s move to tighten his grip on power and crank up tensions between the kingdom and Iran.
The dollar was also on the move amid signs of more change at the Federal Reserve, while President Donald Trump`s Republican party pushes ahead with its tax cut program.
The dollar index <.dxy> rose 0.24 percent, with the euro
The Mexican peso lost 0.83 percent to 19.17 pesos to the U.S. dollar
Benchmark 10-year notes
The 30-year bond
Germany`s 10-year bond yields
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)