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U.S. stocks slide after record highs

Xinhua, February 25, 2017 Adjust font size:

U.S. stocks traded lower in the morning session on Friday, as investors became cautious after the Dow and S&P 500 notched record highs.

By noon, the Dow Jones Industrial Average was down 56.69 points, or 0.27 percent, to 20,753.63. The S&P 500 lost 5.87 points, or 0.25 percent, to 2,357.94. The Nasdaq Composite Index shed 14.89 points, or 0.26 percent, to 5,820.61.

U.S. equities poised to pull back on Friday after the Dow hit its 10th straight record closing high in the previous session, as some profit-taking might be taking place.

U.S. stocks have posted sharp gains since Trump won the presidential election in November, as analysts said hopes for tax cuts and a rollback on regulations fueled the recent rally.

U.S. Treasury Secretary Steven Mnuchin said Thursday that he wanted to see a "very significant" tax reform passed before Congress' August recess.

"We want to get this done by the August recess. We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan," he said.

In corporate news, JC Penney delivered better-than-expected earnings before Friday's opening bell, but announced it will close up to 140 stores over the next few months. The department store firm's shares sank 9.11 percent around midday. Endit