Wall Street recovers after Trump pledges to bring back jobs

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Wall Street pared losses in midday trading on Thursday, after President Donald Trump told chief executives of major U.S. companies that he plans to bring back millions of jobs to the United States. Trump is expected to introduce a series of proposals that could benefit companies, including tax reforms, simpler regulation and higher infrastructure spending. Investors, however, are awaiting for more clarity on the proposals, with the main indexes trading in a tight range. Even though the S&P 500 hit a series of record highs in the past two weeks, the index has not moved more than 1 percent in either direction since Dec. 7. At 12:37 p.m. ET (1737 GMT), the Dow Jones Industrial Average was up 64.35 points, or 0.31 percent, at 20,839.95, while the S&P 500 was up 2.31 points, or 0.09 percent, at 2,365.13. The two indexes hit record-highs earlier in the day.

The Nasdaq Composite was down 24.37 points, or 0.42 percent, at 5,836.26 - set for its worst day this month. Five of the 11 major S&P 500 sectors were lower, with industrials and technology weighing the most. The indexes were among the top gainers since the November U.S. presidential election."I wouldn't be surprised if by the end of the quarter we get some repositioning, especially in those sectors that have gained the most," said Omar Aguilar, chief investment officer at Charles Schwab Investment Management.

Nvidia was the top drag on the S&P and the Nasdaq after a top-rated analyst downgraded the chipmaker's stock. L Brands plunged 16.7 percent to $48.39 after the company reported weak sales at Victoria's Secret, its biggest business by revenue.

NYSE plans trial run for Snap IPO The New York Stock Exchange will conduct a trial run of Snap Inc's initial public offering on Saturday, according to a notice given last week to stock traders, in anticipation of what is expected to be the biggest U.S. technology IPO in nearly five years.

Boeing 'not competitive' today but tax reform would help: CFO SEATTLE Boeing Co's commercial airplanes division is "not competitive" under current U.S. tax rules and the company is using its access to the Trump administration to press for changes, Chief Financial Officer Greg Smith said on Thursday.

U.S. labor, housing markets data underscore economy's stamina WASHINGTON The number of Americans filing for unemployment benefits rose slightly last week but the four-week average of such claims, considered a better gauge, fell to a 43-1/2-year low in a sign of a strengthening labor market.