Business News

CCTV Script 16/02/17


This is the script of CNBC's news report for China's CCTV on February 16, Thursday.

Welcome to CNBC Business Daily, I'm Qian Chen.

U.S. stocks closed at fresh highs Wednesday for a fifth-straight day as traders continued to bet on a pro-growth agenda under President Donald Trump.

The president continued to tout his economic agenda in a meeting with retail CEOs Wednesday.

On Wednesday, Trump said the administration remains "focused on the issues that will bring economic growth. That's what we're all about."

Official filings released Tuesday also showed several major U.S. hedge fund investors moved significant parts of their portfolios into financial and pharmaceutical stocks.

Health care climbed nearly 1.2 percent Wednesday to lead the S&P 500 higher in the close.

The financials sector closed up 0.7 percent as the third-best performer remains the top gainer in the S&P 500 since election with gains of more than 22 percent.

"The market reacts positively when we think we're getting close to" a policy announcement, said Art Hogan, chief market strategist at Wunderlich Securities. "As long as we stay focused on that, the market is going to continue to go higher."

"We're halfway through the first quarter and ... people have to chase performance," said Peter Coleman, head trader at Convergex.

Stocks had closed at record highs again on Tuesday, lifted by the financials sector, which received a lift from higher interest rates. The major U.S. stock indexes had traded mostly sideways this year, until Trump said last week the administration will be releasing a "phenomenal" tax plan in the next two-to-three weeks.

In economic news Wednesday, the consumer price index (CPI) rose a more-than-expected 0.6 percent in January, the largest monthly gain since February 2013. In the 12 months through January, the CPI increased 2.5 percent, the biggest year-on-year gain since March 2012.

After the inflation report, Goldman Sachs and JPMorgan economists increased their expectations for a rate hike as soon as March or May.

U.S. Treasury yields spiked following data releases, with the benchmark 10-year note yield breaking above 2.5 percent.

The U.S. dollar traded lower against a basket of currencies.

Retail sales also beat expectations, with the headline number showing a 0.4 percent rise for January after an upwardly revised 1 percent gain in December.

CNBC's Qian Chen, reporting from Singapore.