Business

US Dow Jones share index ends winning streak

NYSE traders Image copyright Reuters

(Close): The Dow Jones index ended its run of 12 consecutive record highs, as stocks on Wall Street finished lower.

The Dow Jones Industrial Average hit its longest winning streak in 30 years at the start of the week, but edged down 0.1% to 20,812.24 on Tuesday.

The two other main US share indexes also fell slightly ahead of Donald Trump's first speech to Congress.

The S&P 500 index dropped 0.3% to 2,363.64, while the tech-focused Nasdaq Composite index fell 0.3% to 5,825.44.

Both the Dow Jones and the S&P 500 closed at record highs on Monday.

US shares have been riding high since President Trump's election victory and his promise to cut taxes, boost infrastructure spending and cut red tape.

Investors have been anticipating Mr Trump's speech, hoping for details of what he would do about tax reforms - as well as defence spending and healthcare reform.

"If he gives minimal detail this evening, then perhaps we might get a little bit wind out of the sails on this recent equity move," said Erik Wytenus, global investment specialist at JP Morgan Private Bank.

Meanwhile, the latest estimate of US economic growth confirmed expansion slowed in the fourth quarter of 2016.

Gross domestic product (GDP) rose at an annual rate of 1.9%, according to the Commerce Department's second estimate, in line with the figures published last month.

For the year as a whole, GDP rose by 1.6%, also confirming the previous estimate.

The dollar edged higher against both the euro and the pound, reversing earlier losses.

It was up 0.1% against the euro at 0.9458 euros and 0.5% higher against the pound at £0.8080.