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U.S. stocks trade mixed after Dow hits new all-time high

Xinhua, November 15, 2016 Adjust font size:

U.S. stocks traded in a narrow range on Monday, as investors continued to digest the outcome of the country's presidential election.

At midday, the Dow Jones Industrial Average gained 28.53 points, or 0.15 percent, to 18,876.19. The S&P 500 lost 1.16 points, or 0.05 percent, to 2,163.29. The Nasdaq Composite Index shed 15.29 points, or 0.29 percent, to 5,221.82.

U.S. financial markets witnessed wild swings after U.S. Republican candidate Donald Trump won the country's presidential election, but then stabilized and regained momentum.

For the last week, U.S. stocks posed best weekly gains of the year, with the Dow marking its best weekly performance since December 2011.

"Investors were quite comfortable they understood the interest rate environment before the election, but will take a few months to find their way now," said Chris Low, chief economist at FTN Financial, on Monday.

Analysts believed that the increased prospect of tax cuts and a generally pro-growth set of policies from Trump, aided and abetted by the Republican clean sweep of Congress, are bullish for the stock market.

His win also puts into question the likelihood of a Federal Reserve rate hike.

There are no major economic data due Monday.

All three major indices rallied last week, with the Dow, the S&P 500 and the Nasdaq soaring 5.4 percent, 3.8 percent and 3.8 percent, respectively. Enditem