Closing Bell: Kate Spade Jumps as Investor Urges Sales; Dow Scores New Record

The Dow Jones Industrial Average eked out slim gains to score a new record, though trading was shaky as a Trump-fueled rally lost steam. Treasury yields surged as bond prices fell, while the U.S. dollar increased against a basket of foreign currencies. Apple (AAPL) - Get Report was a major drag on the Nasdaq on concerns over future iPhone sales. One of China's state-backed newspapers warned of a hit to iPhone sales in the region if President-elect Trump implemented his plan to enforce a 45% import tariff on China-made products. Kate Spade (KATE) jumped after activist investor Caerus Investors sent a letter to management urging a sale. The firm said a sale was the best path to enhance shareholder value after steady declines over the past two years. CoreLogic (CLGX) - Get Report fell after Piper Jaffray downgraded its rating to NEUTRAL from OVERWEIGHT. Analysts pointed out concerns over how the company will perform as interest rates increase. TheStreet's Keris Lahiff has details from Wall Street.