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.
Wall Street`s two broadest indexes dipped in U.S. trading, sending the MSCI 47-country `All World` index <.miwd00000pus> down slightly after it had hit record highs above 500 points when 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> rose 8.81 points, or 0.04 percent, to end at 23,557.23, the S&P 500 <.spx> lost 0.49 point, or 0.02 percent, to 2,590.64 and the Nasdaq Composite <.ixic> dropped 18.65 points, or 0.27 percent, to 6,767.78.
Financial stocks <.spsy> led the U.S. market lower, with the S&P 500 financial sector losing 1.3 percent, the largest decline of any sector. U.S. Treasury debt yields hit a two-week low.
Oil prices fell slightly after posting the biggest rise in six weeks following a move by the Saudi crown prince 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 0.15 percent, with the euro
The Mexican peso lost 0.70 percent to 19.15 to the dollar
Benchmark 10-year U.S. Treasury notes
The 30-year U.S. bond
Germany`s 10-year bond yields