Dow ekes out 10th straight record but Europe looks more affordable

Markets were mixed on Thursday.

In the US, the Dow Jones Industrial Average rose 0.2 percent to a tenth consecutive record close but the S&P 500 was flat.

Elsewhere, the STOXX Europe 600 fell 0.1 percent and the Nikkei 225 fell 0.4 percent.

“It would appear investors are unwilling to go against the rally, but at the same time, there’s little conviction in it either,” said Craig Erlam, senior market analyst at Oanda. “At some point, in the absence of details on Trump’s tax and stimulus plans, the rally may run out of steam.”

However, Kevin Marder at MarketWatch said that the rally “will likely continue until higher-volume selling comes into the averages or leading stocks come undone technically”.

In the meantime, he suggested: “Don't fight the tape.”

For investors nervous about the US market, Jeff Reeves at MarketWatch suggested investing in Europe instead.

Reeves noted that “many European stocks are doing great in 2017” while “trading for much more affordable valuations than stocks elsewhere in the developed world”.