Thursday, August 17, 2017
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Market Digest Online THURSDAY, AUGUST 17, 2017: U.S. equities closed higher Wednesday but backlash from the business community against President Donald Trump kept gains in check. The S&P 500 gained just 0.1 percent, with materials outperforming. The index rose as much as 0.4 percent. The Dow Jones industrial average closed about 26 points higher with Home Depot and United Technologies contributing the most gains. The Nasdaq composite advanced 0.2 percent as shares of Apple hit a record high.

Earlier on Wednesday, the president's Strategic and Policy Forum disbanded. The disbanding came as backlash against Trump grew following remarks he has made following the violent protests in Charlottesville. On Tuesday, Trump appeared to equate torch-bearing white nationalists with the protesters who demonstrated against them.

Equities have risen sharply this year, with the S&P 500 advancing about 10 percent year to date and hitting record highs. But stocks suffered their second-worst week of the year last week as geopolitical tensions rose.

"Technicals are really coming into play here as the S&P and the Nasdaq trade just above their 50-day moving averages," said Adam Sarhan, chief executive officer of 50 Park Investments. "If they can fight and hold above those levels, then that'd be good for stocks."

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