Dow Jones notches record high for 10th straight time after Steve Mnuchin comments

Dow Jones Industrial Average

The Dow Jones Industrial Average went up around 35 points and posted its 10th straight record close, with Johnson & Johnson contributing most of the gains

Equities in the United States finished mixed on Thursday, after the comments made by Treasury Secretary Steve Mnuchin.

"Investors want to see more details," Edward Jones investment strategist, Kate Warne said."Investors are a little more cautious, but I wouldn't take this as a major shift" in market direction.

With utilities going up more than 1 percent, the S&P 500 closed higher after reaching a new all-time high.

The NASDAQ composite fell 0.4 percent as the tech sector snapped a 15-day winning streak.

"You've got the economy improving on its own, even without tax reform," said Baird chief investment strategist, Bruce Bittles. "I think we keep going higher until we get that. Then the market might top out."

In an interview with CNBC’s program “Squawk Box,” Mnuchin said he wants to see “very significant” tax reform passed before the August recess of the Congress.

"We want to get this done by the August recess. We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan," Mnuchin said.

The thought of a tax reform has been one of the key catalysts in the U.S. stock market’s post-election rally, along with deregulation and government spending.

"There has been a lot of hope and expectation built into this market. This has been a buy-high, sell-higher market, and that is largely been justified by those expectations,"managing director of investments at U.S. Bank Private Client Reserve, David Schiegoleit said. But when reality hits, that's when markets might revalue."


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