CHTR Charter Communications Inc New

By Akane Otani and Georgi Kantchev 

The Dow Jones Industrial Average extended its gains Thursday, after closing above 20000 for the first time a day earlier.

Shares of financial and industrial companies rose, helping lift the Dow industrials to a fresh closing high, but declines in health-care shares kept indexes under pressure. The S&P 500 flipped between slight gains and losses after indexes surged to a trifecta of records in the previous session.

The Dow industrials rose 32 points, or 0.2%, to 20101 on Thursday. The S&P 500 fell less than 0.1% and the Nasdaq Composite was little changed.

Some analysts said it wasn't unusual for the stock-market rally to stall a bit after major indexes hit new highs.

"We've had all this euphoria carrying us through to this point," said Art Hogan, chief market strategist at Wunderlich Securities. "Now we've got to digest some of that."

It was also a busy week for corporate earnings.

Shares of Boeing rose 1.1%. The plane maker reported quarterly earnings that beat analysts' expectations on Wednesday, and the stock's gains helped push the Dow industrials over 20000.

Qualcomm shares fell 5% after the chip maker reported Wednesday that its net income -- dented by a charge for alleged antitrust violations -- fell 54% in the latest quarter.

Verizon shares lost 1.3% after The Wall Street Journal reported that the company was exploring a combination with Charter Communications. Shares of Charter jumped 7.4%.

Many investors say they remain optimistic but cautious about the path forward for U.S. stocks, as they weigh the potential benefits of regulatory rollbacks under President Donald Trump against the possibility of protectionist policies, which some have said could crimp growth.

Mr. Trump on Thursday sent Twitter messages putting pressure on Mexico to pay for a wall he wants built on the border, and Mexican President Enrique Peña Nieto canceled a planned meeting with Mr. Trump. The Mexican peso fell, with the dollar recently up 0.6% against the currency.

"This quarter is going to be bumpy," said Rick Anderson, chief investment officer of Chicago-based Hull Investments, who said his firm kept cash on the sidelines this week to guard against potential stock swings.

The dollar rose, and gold, a haven asset, fell. The WSJ Dollar Index, which tracks the dollar against a basket of 16 other currencies, was recently up 0.6%, coming off its second lowest close of the year.

Gold for January delivery fell 0.7% to $1,189.50 an ounce, notching its third consecutive session of declines. Investor appetite for the metal -- which tends to rise when market uncertainty rises -- has diminished in recent sessions as risk assets like stocks have gained.

Elsewhere, the Stoxx Europe 600 gained 0.2%. Japan's Nikkei Stock Average rose 1.8% and Hong Kong's Hang Seng Index advanced 1.4% -- its biggest one-day gain since Nov. 10.

Markets in China, South Korea, Taiwan and Vietnam will be closed Friday, with China closed through next Thursday, due to the Lunar New Year holiday.

Write to Akane Otani at akane.otani@wsj.com and Georgi Kantchev at georgi.kantchev@wsj.com

(END) Dow Jones Newswires

January 26, 2017 16:33 ET (21:33 GMT)

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