CHTR Charter Communications Inc New

By Akane Otani and Georgi Kantchev 

The Dow Jones Industrial Average edged higher Thursday, extending gains after it closed above 20000 for the first time ever.

The blue-chip index of 30 stocks rose 40 points, or 0.2%, to 20108. The S&P 500 fell less than 0.1%, and the Nasdaq Composite was near unchanged.

Moves in major indexes were muted, with the S&P 500 flipping between slight gains and losses for much of the morning after indexes surged to a trifecta of records in the previous session. While shares of financial companies ticked higher, putting the Dow industrials on course to squeeze out a fresh closing high, declines in shares of health-care and tech companies kept other broad indexes under pressure.

Qualcomm shares fell 5.6% after the chip maker reported after the bell Wednesday that its net income -- dented by fees for alleged antitrust violations -- plunged 54% in the latest quarter.

Meanwhile, Verizon shares lost 1.2% after The Wall Street Journal reported that the company is exploring a combination with Charter Communications. Shares of Charter jumped 6.7%.

Many investors say they remain optimistic but cautious about the path forward for U.S. stocks, as they weigh the benefits of regulatory rollbacks and infrastructure spending under President Donald Trump against the potential of a trade war. In the latest sign of his intent to pursue protectionism, Mr. Trump sent Twitter messages Thursday putting pressure on Mexico to pay for a wall he wants built on the border.

The Mexican peso tumbled, with the dollar recently up 1.2% against the currency. Mexican President Enrique Peña Nieto canceled a planned meeting with Mr. Trump.

"This quarter is going to be bumpy," said Rick Anderson, chief investment officer of Chicago-based Hull Investments, who said his firm kept cash on the sidelines this week to guard against potential stock swings.

The key question, many investors say, is whether Mr. Trump's pro-growth policies -- including tax cuts and fiscal stimulus -- will be enough to offset any harm stemming from his protectionism.

"We are all watching Trump's Twitter feed, but we don't know how much of his pro-growth policies he will be able to achieve," said Neil Dwane, global strategist at Allianz Global Investors. "It might not be enough."

The dollar and government bond yields rose, and gold, a haven asset, fell. The WSJ Dollar Index, which tracks the dollar against a basket of 16 other currencies, was recently up 0.6%, coming off its second lowest close of the year. The yield on the 10-year U.S. Treasury note inched up to 2.532% from 2.523% Wednesday, according to Tradeweb. Bond yields rise as prices fall.

Gold fell 0.9% to $1,186.60 an ounce, on course for its third consecutive session of declines. Investor appetite for the metal -- whose price tends to rise when market uncertainty rises -- has diminished in recent sessions as risk assets like stocks have gained.

Elsewhere, the Stoxx Europe 600 gained 0.2%, helped by the tech and real-estate sectors, while markets from Frankfurt to Hong Kong pushed higher. Japan's Nikkei 225 Index rose 1.8% and Hong Kong's Hang Seng Index advanced 1.4% -- its biggest one-day gain since Nov. 10.

Markets in China, South Korea, Taiwan and Vietnam will be closed Friday, with China closed through next Thursday, due to the Lunar New Year holiday.

Write to Akane Otani at akane.otani@wsj.com and Georgi Kantchev at georgi.kantchev@wsj.com

(END) Dow Jones Newswires

January 26, 2017 13:36 ET (18:36 GMT)

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