Thursday, 29 December 2016

Largest drop in two months as Wall Street rally loses steam

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US stocks fell in low volume on Wednesday in a broad decline triggered in part by a sharp drop in home resales. Contracts to buy previously-owned US homes fell in November to their lowest level in nearly a year, a sign that rising interest rates could be weighing on the housing market. The PHLX housing sector index fell 1.2 percent to close at its lowest in three weeks. The S&P 500 posted its largest daily decline since October 11. 

Technology was the largest weight on major indexes, however, with Nvidia down 6.9 percent to USD 109.25 after short seller Citron Research said the market was overlooking the headwinds for the stock - which had earlier touched a record high. The S&P 500 tech sector fell 0.9 percent after closing on Tuesday at its highest closing level since the year 2000.

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