Dow Jones Industrial Average tops 21000 for first time

Snap Inc at the NYSE

Wall Street declined on Tuesday with the Dow Jones halting its record-setting streak as investors awaited President Donald Trump's address to Congress, while a disappointing outlook from Target dragged down retailers.

The blue-chip gauge closed above 20,000 just a couple of weeks ago which marked the second fastest gain to a 1,000-point milestone at 42 days.

JPMorgan Chase rose 2.6 percent and Goldman Sachs rose 2.1 percent, the biggest increases in the Dow.

"The case for monetary policy tightening has become a lot more compelling", New York Fed President William Dudley told CNN. The Standard & Poor's 500 index fell 4 points, or 0.2%, to 2,362. However, it is the Nasdaq that outperformed the rest with 5.13 percent gain in February until the closing of February.

TRUMP SPEECH: Investors were listening closely to Trump's speech to Congress, hoping for concrete policies to match his promises for an economic revival.

Oil service stocks also saw considerable strength, driving the Philadelphia Oil Service Index up by 2.8 percent.

Moreover, Russia's Energy Minister Alexander Novak said yesterday that the nation's total crude output will be lower this month as compared to last month.

Trump's proposed $1 trillion infrastructure plan, funded through tax credits and federal money, has also been delayed by the ObamaCare logjam and will struggle win earn support from spending-averse Republicans.

In his speech, Trump said he wanted to boost the USA economy with tax relief, an overhaul of the Affordable Care Act and a $1 trillion infrastructure effort, though he also said he was open to a broad overhaul of the US immigration system. The NYSE Arca Steel Index shot up by 3.3 percent.

Charles Schwab (SCHW.N) fell 3.2% after the company said it would cut its ETF trade and online equity fees, following similar cuts by Fidelity Investments. The president's speech later today will be closely watched by futures traders, and could have a direct impact on Wall Street as soon as tomorrow's open. TD Ameritrade (AMTD.O) fell 10.4%.

The S&P 500 index ended at 2395.96 levels, increasing 32 points. South Korea's markets were closed for a holiday. Singapore's Straits Times index was up 0.1 percent and the Taiwan Weighted gained 0.2 percent while India's Sensex was marginally higher after hitting a 52-week higher earlier in the session.