The Dow Jones Industrial Average's remarkable record-breaking streak flames out on Tuesday as Wall Street grows impatient ahead of Donald Trump's congressional address. - From TheStreet
Trump will address Congress on Tuesday evening for the first time in a speech to be broadcast live during primetime.
White House Press Secretary Sean Spicer said the address will focus on "public safety including defense, increased border security, taking care of veterans, and then economic opportunity including education, job training, health care reform, jobs and tax and regulatory reform." So far, Trump's comments on his tax plans, health care reform, and infrastructure spending details have been vague, though positive enough for markets to rally.
"To the extent that he focuses on economic policy, we expect the president to reiterate what he has done already and to focus on some aspects of fiscal policy.
It seems unlikely that we are going to get a comprehensive fiscal plan." Losses were broad on Wall Street, though consumer goods and telecom stocks were among the worst performers.
Target (TGT) dragged on the cyclical consumer goods sector, plummeting 12% on Tuesday, after falling short of earnings estimates in its fourth quarter.