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Apple halts Wall St. rally, but S&P ekes out record high

Apple halts Wall St. rally, but S&P ekes out record high
From Reuters - September 13, 2017

(Reuters) - U.S. stocks were little changed on Wednesday as Apple-led losses in tech stocks were offset by gains in consumer discretionary and energy stocks, which helped the S&P 500 inch up to a record intra-day high.

Apple (AAPL.O) dropped 1.2 percent on concerns about the newly launched iPhone Xs hefty price tag and its later-than-expected availability date of Nov. 3. The stock was the top drag on all the three major indexes.

Indexes were also supported by President Donald Trumps efforts to push ahead with his plan to cut tax rates. House Speaker Paul Ryan said an outline will be unveiled during the work week beginning Sept. 25.

Wall Street is coming off a two-day rally that resulted in the three major indexes finishing at all-time highs on Tuesday and the S&P touching a record intra-day high.

The markets slowed the treadmill to a slight pace from the run it was on, said Matt Lloyd, chief investment strategist at Advisors Asset Management in Monument, Colorado.

The likely driver today is going to be a little bit of a late-day rally. But not very large.

The indexes have stayed near record levels this year despite periodic setbacks caused by turmoil in the White House, the timing of U.S. interest rate hikes, doubts about Trumps ability to push through his pro-business reforms, and lately, tensions over North Korea.

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