The Dow Jones Industrial Average stayed firmly above 20,000 on Thursday, after breaching the milestone a day earlier, while losses in tech stocks weighed on the S&P 500 and the Nasdaq Composite indexes. The S&P technology index's 0.47 fall led the decliners, weighed down by Qualcomm and Alphabet.
Qualcomm fell 5.1 percent to $54.04 after the chipmaker reported a lower-than-expected rise in quarterly revenue. The stock was the biggest drag on the two indexes.
Alphabet, which is scheduled to report results after the bell, was down 0.7 percent at $852.16. The post-election rally roared back to life this week following optimism over US President Donald Trump's pro-growth initiatives and solid earnings, catapulting the Dow above the historic mark. Trump's business-friendly decisions since taking office on Friday include signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines.
Investors also cheered largely positive fourth-quarter earnings, which are expected to show growth of 7 percent, their biggest increase in two years.
"So far the new administration has brought a pro-business approach and everyone is excited about that. But it's not simple to get Congress and the House to agree on changes to the tax plan and regulation," said Phil Blancato, chief executive of Ladenberg Thalmann Asset Management in New York.
Revenue for S&P 500 companies in the fourth quarter is estimated to have risen 4.2 percent, according to Thomson Reuters I/B/E/S.
At 11:01 am ET (1601 GMT) the Dow Jones industrial average was up 32.03 points, or 0.16 percent, at 20,100.54.The S&P 500 was down 0.29 points, or 0.01 percent, at 2,298.08, after hitting a record high of 2300.99. The Nasdaq Composite was down 4.79 points, or 0.08 percent, at 5,651.55, after hitting a record high of 5669.61.
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