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U.S. stocks open lower after record run

Xinhua, February 27, 2017 Adjust font size:

U.S. stocks opened lower Monday as investors turned cautious after recent solid gains.

U.S. stocks reversed early losses to end higher Friday, with the Dow notching its 11th straight record close. This is the index's longest winning streak since 1992.

Investors kept a close eye on a speech to be delivered by U.S. President Donald Trump Tuesday night. Markets expected Trump to unveil some elements of his plans to cut taxes, including tax cuts for the middle class, and simplification of the tax system.

U.S. stocks have posted solid gains since Trump won the presidential election, as investors bet that he would pursue massive corporate tax cuts, deregulation and infrastructure spending.

On the economic front, U.S. new orders for manufactured durable goods in January increased 4.0 billion U.S. dollars or 1.8 percent to 230.4 billion dollars, in line with market consensus, the Commerce Department said Monday.

Shortly after the opening bell, the Dow Jones Industrial Average fell 18.03 points, or 0.09 percent, to 20,803.73. The S&P 500 lost 2.55 points, or 0.11 percent, to 2,364.79. The Nasdaq Composite Index was down 12.08 points, or 0.21 percent, to 5,833.23. Endi