Dow logs longest losing streak since 2011

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US equities markets recovered on Monday from an early-day slide, but the Dow Jones Industrial Average still clocked its longest losing streak since 2011 amid ongoing frets over Donald Trump’s policy plans.

The blue-chip average, which tracks 30 prominent American companies, fell 0.2 per cent on the day to 20,551. Over the eight-day decline, it is down by 1.9 per cent. The S&P 500 index, which is broader and more closely watched by professional investors, slipped 0.1 per cent on Monday to 2,341.6.

The recent bout of selling comes amid growing concerns that Mr Trump’s campaign promises to launch a pro-business set of initiatives may not live up to expectations.

At the same time, estimates for corporate earnings growth have cooled since the start of the year. Analysts reckon S&P 500 profits grew 9.9 per cent in the first quarter, still a pick-up from the 4.9 per cent in the final three months of 2016, but a reduction from the 13.9 per cent estimate from December 30, according to FactSet.

Despite a generally melancholy performance on Monday, the shares of acute and behavioural hospitals zoomed higher. The S&P 500 healthcare facilities index jumped 4.5 per cent, adding to a rise of 3.2 per cent on Friday. The healthcare reform plans that were floated by the Trump administration but fell apart in Congress on Friday were seen as bearish for the sector.

Elsewhere on Monday, the US dollar pulled back by 0.4 per cent against a basket of six major developed-market currencies.

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