U.S. stocks traded mixed on Tuesday, Dec. 5, as investors focused on recent weakness in the tech sector but still drove most markets to gains amid renewed optimism of a tax reform agreement among Republican lawmakers and continued signs of a robust global economy.
The Dow Jones Industrial Average slipped 0.04% and came off its record highs. Walt Disney Co. (DIS) was the biggest laggard on the Dow, trading down 2%, after CNBC reported that the media group was getting close to a deal that would see it purchase some of the assets of Twenty-First Century Fox Inc. (FOXA) .
McDonald's Corp. (MD) was one of the Dow's leading advancers, rising 1.9% after analysts from Jefferies boosted their price target on the world's biggest restaurant group to $200 from $150.
The broader S&P 500 rose 0.01%, and the tech-heavy Nasdaq added 34 points to trade 0.5% into the green as tech stocks executed a modest rebound.
Snap Inc. (SNAP) shares, which were a were a notable early mover in premarket trading, gained more than 9% after two investment banks lifted their recommendations on the social media app as it goes head-to-head with Facebook Inc. (FB) in the youth messaging market.
Facebook rose 1.5%.
In addition to tech, the stocks in the healthcare sector were rising, while utilities and telecom shares struggled. Verizon Communications Inc. (VZ) traded flat.
Germany's DAX fell 0.5%, with Deutsche Bank AG (DB) falling 0.1% amid reports that German's biggest lender has been asked by Special Counsel Robert Mueller to provide details on accounts held by U.S. President Donald Trump and his family.
Oil prices in the U.S. traded with slight gains. West Texas Intermediate crude rose 0.05% to $57.50 a barrel.
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