Stock Rally Hits Snag as Futures Flounder Around Flatline

New York (Mar 2)  A record-breaking rally on Wednesday hit pause on Thursday as investors scrambled for reasons to push markets higher.

S&P 500 futures were down 0.08%, Dow Jones Industrial Average futures added 0.04%, and Nasdaq futures were flat.

The Dow resumed its rally with a bang on Wednesday, scoring its best gains of the year as it rocketed above the 21,000 milestone and secured a new record close. The blue-chip index added 302 points to close at 21,114 as investors cheered more promises of tax reform and infrastructure spending from Washington.

Relief over a more constrained and on-message Donald Trump began to fade on Thursday, however, as questions remained over how the president would execute his plans. The president promised "massive" tax cuts for the middle class and U.S. companies and $1 trillion in infrastructure investment during a speech to Congress on Tuesday evening. Trump has been light on details for tax and health care reform and changes to the budget since his election in November.

An improving global economy and a solid U.S. recovery mean it will be "appropriate soon" for the Federal Reserve to raise U.S. interest rates, Fed Gov. Lael Brainard said on Wednesday after the markets closed. Brainard's comments back up a recent hawkish turn for the Fed which has raised the chances of a move as soon as this month. The chances of a rate hike in March grew on Wednesday after New York Fed President William Dudley said the case for a rates increase had become a "lot more compelling" recently.

Source: TheStreet