Shares of manufacturing and transportation companies rose amid optimism about the outlook for economic growth.
A tell-all book suggesting the Trump administration is taking a chaotic approach to governance and an FBI investigation raised the prospect that the remainder of its pro-growth agenda may not be realized.
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Meanwhile, reports suggest that tensions between the U.S. and North Korea remain elevated.
"Last year saw a range of similar domestic and political issues, but investors generally ignored the drama," said Bob Doll, chief investment strategist at money manager Nuveen Investments, in a note to clients. "So far, this year has seen a similar pattern. We don't expect political issues to derail the bull market, but they do present ongoing risks."
Depreciation provisions in the new tax law are among the bullish factors that could drive the price of Caterpillar shares to an all-time high of $200 this year, a roughly 25% gain for the machinery maker, said analysts at brokerage JPMorgan, as reported earlier.
--Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
January 08, 2018 16:23 ET (21:23 GMT)