Dow stands out as global stocks tread water

The blue-chip Dow was the lone riser among major stock indices on Thursday as global markets largely ran in place.

Recent rallies lost momentum as investors awaited word of tax cuts in the United States and digested a fresh batch of European corporate earnings.

On Wall Street, the Dow Jones Industrial Average broke a 30-year record by closing at a tenth consecutive all-time high, ending the day up 0.2 percent.

But other indices showed signs of wavering enthusiasm. After vacillating during the day, the S&P 500 nudged into positive territory, finishing up less than a tenth of a percent. The Nasdaq fell for a second day, weighed down by flagging tech stocks and closing down 0.4 percent.

Oil shares were lifted higher after crude oil prices hit their highest point since mid-2015 in New York, with a barrel of light sweet crude for April delivery settling up 86 cents at $54.45.

Exxon Mobil gained one percent while Chevron added 0.6 percent and ConocoPhillips rose 0.4 percent.

- A US tax package by August? -

Investors also took some cheer from remarks early Thursday by Treasury Secretary Steven Mnuchin, who told CNBC the new administration hoped to roll out a new tax package by August.

Mnuchin's words, however, followed minutes released Wednesday by the US Federal Reserve which suggested monetary policymakers may be poised to raise interest rates as soon as next month.

Bill Lynch of Hindsale Associates said there had been little news during the session to stimulate market moves by investors. "In terms of news today, there wasn't a heck of a lot," Lynch told AFP.

In Europe, a flurry of corporate earnings reports included British bank Barclays which said it had returned to profit after slashing provisions set aside for legal and compensation costs linked to foreign exchange and insurance scandals.

London and Frankfurt each fell 0.4 percent while CAC 40 in Paris lost 0.1 percent and the EURO STOXX 50 gave up 0.2 percent.

The heavily-indebted Spanish telecoms giant Telefonica said its net profit was hit by restructuring costs linked to a voluntary redundancy scheme.

And in France, carmaker PSA Peugeot Citroen said its profits nearly doubled and its takeover of Germany's Opel would create a "European champion" in the auto industry.

Asian markets also ended the session lower as the recent Trump rally that has inflated global stocks since the beginning of the year finally appeared to run out of steam.

- Key figures around 1700 GMT -

New York - Dow: UP 0.2 percent at 20,797.61 points (close)

New York - S&P 500: FLAT at 2,363.81 (close)

New York - Nasdaq: DOWN 0.4 percent at 5,835.51 (close)

London - FTSE-100: DOWN 0.4 percent at 7,271.37 (close)

Frankfurt - DAX 30: DOWN 0.4 percent at 11,947.83 (close)

Paris - CAC 40: DOWN 0.1 percent at 4,891.29 (close)

EURO STOXX 50: DOWN 0.2 percent at 3,333.96 (close)

Tokyo - Nikkei 225: FLAT at 19,371.46 (close)

Hong Kong - Hang Seng: DOWN 0.4 percent at 24,114.86 (close)

Shanghai - Composite: DOWN 0.3 percent at 3,251.38 (close)

Euro/dollar: UP at $1.0579 from $1.0558

Pound/dollar: UP at $1.2556 from $1.2452

Dollar/yen: DOWN at 112.67 yen from 113.33 yen

Oil - West Texas Intermediate: UP 86 cents at $54.45 per barrel

Oil - Brent North Sea: UP 74 cents at $56.58

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source: AFP