July 31 (Reuters) - The Dow Jones Industrial Average hit a record closing high on Monday, helped by Boeing, while selling in Facebook, Alphabet and other technology companies checked the S&P 500 and pulled the Nasdaq lower.
The S&P 500 information technology dipped 0.53 percent, with Facebook falling 1.86 percent and Alphabet, Google's parent company, down 1.34 percent.
"The bull market is sort of broadening out and people are taking a few profits off the table on some of these stocks that have done exceedingly well," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
7 stocks that have soared under Trump's presidency
7 stocks that have soared under Trump's presidency
AMERIPRISE FINANCIAL (AMP)
Stocks related to the financial services industry continue to flourish during the Trump presidency. Ameriprise, an asset management company that has been around since 1894, is just one financial service enjoying the ride.
In fact, Ameriprise stocks are nudging up toward prices not seen since February 2015. As of March 10, the stock was at $133.56, less than $5 off from its all-time high of $138.26 set back in February 2015.
Ameriprise's stocks dwindled as low as $86.76 in the days preceding the election. The day after Trump's election, the stock soared to $102, a 17 percent increase. Since Trump moved into the White House, Ameriprise is among stocks that continue to rise.
Photographer: Ariana Lindquist/Bloomberg via Getty Images
With cutting-edge high-tech products ranging from smartphones to smartwatches, it isn't any surprise that Apple has seen a steady but sometimes bumpy climb since its inception in 1976. The company traded at more than $130 per share in July 2015, but declining sales dropped its stock to just over $90 by May 2016.
Apple shares were at $120 on Jan. 20. By March 1, they rocketed to an all-time high of $139.79, a more than 16 percent increase over that time period. Apple might or might not be a good investment now. So do your homework before you buy.
"Investors seeking to buy stocks at present should be certain that they can stay invested for the long term," Friedberg said. "Stocks are expensive in comparison with historical valuations, which implies that future growth in stock prices will likely be tepid for the next few years."
(Photo by Zhang Peng/LightRocket via Getty Images)
THE GEO GROUP (GEO)
On Aug. 18 of last year, the U.S. Department of Justice announced its intention to phase out use of privately operated prisons. Soon after, The GEO Group's stock dropped sharply. The company manages 104 detention and correctional facilities worldwide, with more than 87,500 beds among them.
Trump's election win on Nov. 8 reversed the stock's downward trend. By end of business on Nov. 9, GEO's stock jumped more than 21 percent. By the time Trump took office, The GEO Group's stock price was 23 percent higher than it was before the Aug. 18 announcement.
The stock hit an all-time high of $48.97 on Feb. 27, one day after Attorney General Jeffrey Sessions released a memorandum reversing the Aug. 18, 2016, order.
(Photo by John Moore/Getty Images)
GOODYEAR TIRE AND RUBBER (GT)
Although Goodyear Tire and Rubber stock isn't at an all-time high, it is flourishing under the Trump administration. The stock is the highest it has been since 1999.
Goodyear's stock price peaked at $75.75 on Jan. 1, 1998, the year Goodyear celebrated its 100-year anniversary in the tire business. In the days preceding the 2016 election, the company's stock was worth a mere $27.79 per share.
By the time Trump took office, share prices increased to $30.52. In the month that followed, Goodyear stock gained nearly 19 percent and traded as high as $36.29.
Hasbro has a record of making profits look like child's play. The company's stock continues to rise under the Trump administration, jumping to a record level.
The toy company started in 1923. First, it sold textile remnants. Then, it manufactured pencil boxes and other school supplies. In 2017, Hasbro has 5,000 employees working in more than 40 countries throughout the world. My Little Pony, Littlest Pet Shop and Transformers are some of the company's most-recognized and beloved toys.
Hasbro earned more than $5 billion in revenue in 2016. In the month after Trump assumed his role as president, Hasbro stock shot up nearly 18 percent. But that doesn't necessarily mean Hasbro — or any other rising stock — is a great buy simply because of its recent track record.
"Investors who may be looking to invest in stocks should do so if it makes sense in terms of their long-term financial situation and their goals," said Roger Wohlner, an Arlington Heights, Ill.-based financial writer and advisor. "Getting into the market only because stocks have done well in recent months is not a good idea. Timing the market is generally a bad approach that often ends poorly for smaller investors."
IDEXX Laboratories provides cutting-edge veterinary diagnostic technology. The innovative company offers everything from portable X-rays for horses and other large animals to up-to-the-minute test results your vet can access via smartphone.
The stock has climbed steadily since Trump's election. In the weeks following the vote, IDEXX enjoyed a nice rise. On Jan. 4, the company joined the S&P 500. IDEXX stock continued trending upward after Trump stepped into office. The company rose above $147 per share by March 1, an increase of more than 23 percent since Inauguration Day.
(Photo by Ben McCanna/Portland Press Herald via Getty Images)
If you've blown your nose, diapered a baby or wiped up a spill with a paper towel, chances are you've used one of Kimberly-Clark's products. The company sells brands like Kleenex, Huggies and Scott in more than 175 countries worldwide.
Unlike many companies, Kimberly-Clark saw little change in stock prices after Trump's election. The $115.48 stock price of Nov. 8 moved little until Trump took office.
Within days of Trump's inauguration, though, KMB stock rose to $121.79. The stock continued to rise, resulting in a nearly 11 percent increase to $134.83 a month since the president took office.
Boeing rose 0.49 percent and hit a record high of $242.46 after JPMorgan raised its price target on the world's biggest plane maker to $280 per share.
The market reacted little to news that U.S. President Donald Trump's communications director, Anthony Scaramucci, was leaving the job after little over a week, the latest staff upheaval to hit the Republican's six-month-old presidency.
In July, the S&P 500 rose 1.9 percent, the Dow added 2.5 percent and the Nasdaq gained 3.4 percent.
Apple Inc, which is expected to report quarterly results after the market close on Tuesday, dipped 0.51 percent.
Investors have been counting on earnings to support high valuations for equities.
S&P 500 earnings are expected on average to have grown 10.8 percent in the second quarter, according to Thomson Reuters I/B/E/S.
"The market in the last week has become jittery," said Dennis Dick, head of markets structure, proprietary trader at Bright Trading LLC in Las Vegas. "Money managers are looking to take profits and for any excuse to do so."
The Dow Jones Industrial Average rose 0.28 percent to end at 21,891.12 points and the S&P 500 lost 0.07 percent to 2,470.3. The Nasdaq Composite dropped 0.42 percent to 6,348.12.
Just four of the 11 major S&P sectors rose, with the financial index's 0.62 percent rise leading the gainers.
Tesla dropped 3.46 percent after Chief Executive Elon Musk warned that the electric carmaker would face "manufacturing hell" as it ramps up production of its new mass-market Model 3 sedan.
Snap fell 1.01 percent as some investors were allowed for the first time to sell shares following the Snapchat owner's March initial public offer.
Discovery Communications dropped 8.21 percent after it said it would buy Scripps Networks Interactive for $11.9 billion.
Charter Communications Inc rose 5.85 percent to a record high after a source said Japan's SoftBank Group Corp was considering an acquisition offer.
About 6.3 billion shares changed hands in U.S. exchanges, above the 6.0-billion average over the last 20 sessions. (Additional reporting by Sinead Carew and Kimberly Chin in New York; Editing by Nick Zieminski and James Dalgleish)