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.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Wall Street`s two broadest indexes dipped in U.S. trading, sending the MSCI 47-country `All World` index  down slightly after it had hit record highs above 500 points when Japan`s Nikkei notched its best level since 1992 and Germany`s DAX 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 rose 8.81 points, or 0.04 percent, to end at 23,557.23, the S&P 500 lost 0.49 point, or 0.02 percent, to 2,590.64 and the Nasdaq Composite dropped 18.65 points, or 0.27 percent, to 6,767.78.

Financial stocks 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.

U.S. crude fell 0.19 percent to $57.24 per barrel and Brent crude futures were last at $63.76, down 0.79 percent after touching a peak of $64.65.

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 rose 0.15 percent, with the euro jpy

The Mexican peso lost 0.70 percent to 19.15 to the dollar . The Canadian dollar fell 0.54 percent versus the greenback at C$1.28 per dollar.

Benchmark 10-year U.S. Treasury notes us10yt

The 30-year U.S. bond last rose 13/32 in price to yield 2.7762 percent, from 2.796 percent late on Monday.

Germany`s 10-year bond yields held near two-month lows at 0.338 percent after the European Central Bank firmed up its plans to reinvest the proceeds of its 2.5 trillion euro stimulus program. [GVD/EUR]

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)