Tuesday, 29 November 2016

Wall Street slips as banks, discretionary stocks drag

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US stocks declined on Monday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week. The three major US indexes had closed higher for the third week in a row on Friday, with the S&P 500 notching its seventh record close since the US presidential election on November 8. US stocks have jumped since Donald Trump's victory in the presidential election, with the S&P 500 up nearly 3 percent, as investors expect his plans to boost infrastructure spending, cut corporate taxes and reduce regulation to benefit the economy. 

The S&P financial and consumer discretionary sectors have been among the best performers since the election, as banks have rocketed up more than 10 percent and discretionary stocks climbed over 4 percent. The small-cap Russell 2000 , comprised of many domestically-focused stocks, has soared 11.3 percent.

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