Business

Wall Street flat ahead of results season

Wall Street closed Image copyright AFP

(Close): US stocks have ended the day little changed ahead of the fourth quarter results reporting season which begins this week.

Investors are waiting to see whether companies' performances will justify recent soaring share prices.

The Dow Jones Industrial Average, fell 31.85 points or 0.16% to 19,855.53. The S&P 500 was unchanged at 2,268.90.

The tech-heavy Nasdaq Composite only rose 20 points or 0.36%, but that took it to a record high of 5,551.82.

There has been a record-breaking run in US equities since Donald Trump's election on 8 November. Last Friday the Dow came close to breaking 20,000 barrier.

But the rally's momentum has stalled this week as investors wait to see if Mr Trump delivers on his election promises of tax cuts and higher infrastructure spending.

"Investors are now waiting for the inauguration and the first 100-day agenda," said Nicholas Colas, chief market strategist at brokerage Convergex in New York.

"They just want a little more information about what the new administration is planning before the Dow takes the plunge over 20,000.

"There's a lot of high expectations about what happens" after the inauguration on 20 January, he added.