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Wall Street pares losses as financial stocks climb


By Sruthi Shankar

(Reuters) - Wall Street's indexes pared earlier losses on Wednesday as higher U.S. bond yields drove gains for banks and other financial

Markets had initially fallen on a report that China, the world's biggest holder of U.S. Treasuries, was considering slowing purchases.

The financial index <.SPSY> rose more than 1 percent, helped by gains in and ahead of results on Friday.

The report weakened the dollar, which slipped 0.25 percent, while gold jumped to its highest in four months.

At 12:31 p.m. ET (1731 GMT), the <.DJI> was down 13.51 points, or 0.05 percent, at 25,372.29 and the 500 <.SPX> was down 3.93 points, or 0.14 percent, at 2,747.36.

The Composite <.IXIC> was down 22.42 points, or 0.31 percent, at 7,141.15.

"We've had a tremendous run, mostly unabated since Trump's election in 2016 and with no volatility. If we do see a pullback, that's going to be a buying opportunity," said Michael Scanlon, of

The and the have closed at record highs every single day in 2018, buoyed by optimism over global growth and expectations of a strong quarterly earnings.

Earnings for 500 companies are expected to increase by 11.8 percent, with biggest contribution from the energy sector, according to I/B/E/S.

"It will be the first time that Corporate has the ability to talk about guidance that incorporates lower tax rates. It's going to be confusing and noisy but will be fascinating," said Art Hogan, at in

rose 1 percent after the conglomerate promoted two of its top executives, cementing their status as the most likely successors to

Eight of the 11 sectors were lower, led by a 1.75 percent fall in and 1.24 percent drop in

Shares of gained 2 percent as No.2 U.S. homebuilder's orders and total revenue rose more than expected in the fourth quarter.

The index <.DJT>, often looked at as a gauge of the economy's health, rose 0.45 percent after reported higher traffic for December, boosting other airline

rose about 3 percent after two brokerages raised their price targets.

Declining issues outnumbered advancers on the NYSE by 1,786 to 1,077. On the Nasdaq, 1,624 issues fell and 1,264 advanced.

(Reporting by in Bengaluru; editing by and Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 00:26 IST