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US: S&P, Nasdaq pare gains after hitting record highs

Monday, May 8, 2017 - 22:11

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[NEW YORK] The S&P 500 and the Nasdaq composite hit all-time highs before paring gains as investors looked for fresh catalysts following centrist Emmanuel Macron's widely expected victory in the French presidential election.

Comcast and Amazon.com were the top drivers of the two indexes.

Currency markets were in sharp focus, with the euro hitting a six-month high against the dollar after Mr Macron comfortably defeated far-right nationalist Marine Le Pen who had threatened to take France out of the European Union.

"The results came in as expected and the market had already factored that in," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

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"The market is trading in a careful and deliberate way looking for the next driving force, which I expect will cause a strong move in either way."

At 9.40 am, the Dow Jones Industrial Average was down 25.4 points, or 0.12 per cent, at 20,981.54.

The S&P 500 was down 1.98 points, or 0.08 per cent, at 2,397.31, easing from an all-time high of 2,401.36.

The Nasdaq Composite was down 4.77 points, or 0.08 per cent, at 6,095.99, after a record high of 6,106.11.

REUTERS

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