Market Snapshot: Dow extends gains beyond 20,000; S&P 500, Nasdaq struggle

The Dow Jones Industrial Average rose moderately while the S&P 500 and Nasdaq struggled on Thursday as investors turned more cautious after the blue-chip index tested an important psychological milestone in the previous session.

Wall Street has been mostly in a rally mode since the U.S. election in early November, with investors betting that President Donald Trump would an advocate for policies, including massive corporate tax cuts and deregulation, which would accelerate economic growth.

While the upside momentum has shown some signs of slowing of late, a round of positive corporate results on Wednesday gave credence to the idea that market levels were justified by economic fundamentals.

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