Dow pivots into the red after touching record following Comey testimony
The Dow Jones Industrial Average on Thursday set a fresh all-time high in intraday trade, but turned lower, on the heels of testimony from former FBI Director James Comey. The broader stock market had been trading modestly higher as Comey ended testimony in front of the Senate Intelligence Committee that some believe provided no surprises that might alter President Donald Trump's pro-growth policy agenda. The Dow was trading down 0.1% at 21,144 in recent trade, retreating from its intraday of 21,265,69. Comey offered detailed testimony about his interactions with Trump before his firing on May 9, amid the Federal Bureau of Investigation's probe into Russia's connection to members of the president's 2016 election campaign. The S&P 500 index was down 0.2% at 2,428, while the Nasdaq Composite Index , which touched its own intraday record earlier in the session, was flat at 6,299. The Dow had been buoyed by financial shares, with Goldman Sachs Group Inc.'s shares . Bank shares got a lift as Treasury yields rose slightly, with the 10-year benchmark Treasury yield [BX: TMUBMUSD10Y] rose 1.7 basis point to 2.19%. Banks benefit when rates rise because it helps to increase their margins, or what they pay out on short-term deposits and garner for lending long-term.
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