Banks and energy shares pulled the S&P 500 lower, but the Dow managed to eke out a gain. Fred Katayama reports.
The S&P 500 snapped its five day winning streak Thursday. Pulling it down: losses in bank and energy stocks. Kevin Kelly of Recon Capital Partners says investors are shifting their focus from earnings to President Trump's economic policies. SOUNDBITE: KEVIN KELLY, CHIEF INVESTMENT OFFICER, RECON CAPITAL PARTNERS, (ENGLISH) SAYING: "Now, it's focusing on OK are we going to get deregulation or are we going to get taxes? Are things going to be weighing for awhile? Is it going to be a second half of the year story? I think that's what's kind of seeping into the market right now." Molina Healthcare slid after the health insurer reported a quarterly loss, blaming Obamacare. It also issued a weak forecast for this year. Share of Kate Spade soared. The handbag maker said it would explore strategic alternatives, which one analyst says shows that the company is in play. The parent of messaging app Snapchat values itself at up to $18.5 billion in its IPO. That's much less than what Wall Street expected. TripAdvisor tumbled. The travel website's quarterly revenue rose less than expected. Hurting it: drops in display ads and subscription revenue. In economic news, housing starts fell in January. But factory activity in the mid-Atlantic region rose to a 33 year high in February. And the number of Americans filing for jobless benefits rose less than expected last week. In Europe stocks fell after seven straight sessions of gains. Financial and energy shares led the way down.