Dow Grinds Out Another Record High -- U.S. Commentary

(RTTNews) - US stocks continued to rise Tuesday, with the Dow Jones Industrial Average touching new record highs on gains among financials and telecoms.

Crude oil prices tumbled and traders expect a Federal Reserve rate hike next week, but for now the markets remain in a relatively cheerful mood.

Appetite for defensive and dividend bearing stocks was detected as some traders turned a bit cautious.

Bouncing back from early losses, the Dow Jones Industrial Average added 35.54 points, or 0.2%, to 19,251.78.

The S&P 500 gained 7.52 points, or 0.3%, to 2,212.24, within a point of its all-time closing high.

The Nasdaq Composite was up 24.11 points, or 0.5%, at 5,333.00.

US President-elect Donald Trump has asked the US government to cancel the order with aircraft maker Boeing Co. (BA) for new Air Force One, claiming its costs were out of control. Shares were flat.

McDonald's (MCD) is looking to raise between $1 billion to $2 billion with the sale of its China and Hong Kong restaurants. However, the struggling fast-food giant plans to keep a "significant minority stake in the business," according to a source cited by Reuters. Shares were flat.

WTI light sweet crude oil for January was down 86 cents, or 1.7%, to settle at$50.93/bbl on Nymex.

The U.S. trade deficit widened roughly in line with estimates in the month of October, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said the trade deficit widened to $42.6 billion in October from $36.2 billion in September. Economists had expected the deficit to widen to $42.0 billion.