U.S. stocks trade lower as 2017 draws a close

NEW YORK, Dec. 29 (Xinhua) -- U.S. stocks traded lower in a holiday-shortened week on Friday, the last trading day this year.

At midday, the Dow Jones Industrial Average lost 11.67 points, or 0.05 percent, to 24,825.84. The S&P 500 decreased 1.89 points, or 0.07 percent, to 2,685.65. The Nasdaq Composite Index was down 14.16 points, or 0.20 percent, to 6,936.00.

The S&P has gained 20 percent this year, on pace for its best year since 2013, with technology and consumer discretionary the top two performers.

The Dow and S&P 500 posted the fifth straight week of gains last week after U.S. President Donald Trump earlier this month signed a 1.5-trillion-dollar tax cut bill into law.

The tax bill, a sweeping rewrite of U.S. tax law since 1986, would cut the corporate income tax rate to 21 percent from the current 35 percent and lower individual income rates.

Trading has been lighter than usual this week as investors get ready for the New Year holiday. With no major data due on Friday, traders will pay close attention to the moves in markets such as commodities.

Oil prices rose on Friday, with U.S. crude trading above 60 U.S. dollars a barrel, as a decline in U.S. production and commercial crude inventories lifted sentiment. Enditem