Shares of manufacturing and transportation companies were flat amid concerns that the runup in cyclical stocks was overdone.
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While there have already been big gains for cyclical sectors such as industrials this year, investors may continue to buy into those sectors depending on what emerges on government infrastructure spending plans, said Joe Bell, senior market strategist at trading research firm Schaeffer's Investment Research. "The passage of the tax bill is definitely beneficial from an earnings statement point of view," he said. "It translates to bottom line earning, and some of that will be factored into increased valuations on the outlook for future profits."
Retail sales of high-horsepower, two-wheel-drive farm tractors in the U.S. and Canada fell 4% in December from a year earlier, according to trade group Association of Equipment Manufacturers.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
January 10, 2018 17:01 ET (22:01 GMT)