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U.S. stocks turn lower as traders eye Dow 20,000

Xinhua, December 29, 2016 Adjust font size:

U.S. stocks pared early gains and turned negative on Wednesday, as investors kept a close eye on the Dow Jones Industrial Average' s psychologically key 20,000 mark.

By noon, the Dow Jones Industrial Average was up 22.38 points, or 0.11 percent, to 19,967.42. The S&P 500 gained 0.94 points, or 0.04 percent, to 2,269.82. The Nasdaq Composite Index rose 5.31 points, or 0.10 percent, to 5,492.75.

Some analysts expected Wednesday might be the day Dow breaks the 20,000 milestone after the opening bell. But traders became cautious after the transportation average dragged down stocks in the morning session.

Meanwhile, investors also focused on the Santa Rally, which runs from Dec. 24, 2016 to Jan. 4, 2017.

U.S. stocks rallied Tuesday, with the Nasdaq Composite Index eking out a new closing record, as investors mainly assessed economic data on the first trading day after the long holiday weekend. Enditem