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U.S. stocks trade mixed around midday after record highs

Xinhua, November 23, 2016 Adjust font size:

U.S. stocks pared early gains to trade mixed around midday Tuesday, as investors meditated on the country's existing home sales data after all three major indices closed at record highs in the previous session.

At noon, the Dow Jones Industrial Average rose 17.36 points, or 0.09 percent, to 18,974.05. The S&P 500 fell 2.13 points, or 0.10 percent, to 2,196.05. The Nasdaq Composite Index added 4.13 points, or 0.08 percent, to 5,372.99.

U.S. existing-home sales ascended in October for the second straight month and eclipsed June's cyclical sales peak to become the highest annualized pace in nearly a decade, according to the National Association of Realtors Tuesday.

Total existing-home sales grew 2.0 percent from an upwardly revised 5.49 million in September to a seasonally adjusted annual rate of 5.60 million in October, beating market consensus of 5.42 million.

U.S. stocks rallied on Monday, with all three major indices setting new closing records simultaneously for the first time since mid-August, boosted by a strong rebound in oil prices.

The energy sector leapt 2.20 percent Monday to lead the advancers in the S&P 500's 10 sectors, as oil prices surged about 4 percent to their highest level in three weeks on crude reduction deal optimism.

Meanwhile, investors also kept a close eye on the Federal Reserve's minutes from its November meeting scheduled for release Wednesday, for more clues on the timing of a next rate hike.

Analysts widely hold that the Fed would hike interest rates in its December meeting. According to the CME Group's FedWatch tool Tuesday, market expectations for a December rate hike are 95.4 percent.

Fears for a December rate hike abated recently, especially after fiscal stimulus remarks from Fed Vice Chairman Stanley Fischer.

"Certain fiscal policies, particularly those that increase productivity, can increase the potential of the economy and help confront some of our longer-term economic challenges," he said in a Monday speech before the Council on Foreign Relations. Endit