Stocks Near Record Highs, Dollar Up on Optimism, Earnings

By Chuck MikolajczakIndustriesReuters

U.S. stocks were little changed on Thursday as investors paused following a two-day rally that pushed the Dow Jones Industrial Average above the 20,000 mark, while the latest wave of earnings rolled in.

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Qualcomm weighed on both the S&P 500 and Nasdaq as the chipmaker fell 5.0 percent to $54.05 after posting a lower-than-expected rise in quarterly revenue.

The post-election rally reignited this week following a solid start to earnings season and optimism over U.S. President Donald Trump's pro-growth initiatives, giving the benchmark S&P 500 its best two-day performance in seven weeks and catapulting the Dow above 20,000 for the first time.

Trump's business-friendly decisions since taking office on Friday include signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines.