Dow, S&P 500 drop as US bank rally wanes
The S&P 500 closed lower and the Dow ended a seven-day rally on Wednesday as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. US stocks had been on a tear since the real estate developer's surprise victory in the November 8 US presidential election. The Dow had closed higher for the previous seven sessions, with the last four at record levels. The S&P financial sector ended its own seven-day rally with a 1.4 percent decline.
Both the Dow and S&P pared losses in choppy afternoon trading. "I think you've a lot of people who were caught sleeping last week and are trying to use the weakness to put their money to work," said Paul Hickey, Co-founder, Bespoke Investment Group, LLC, a research firm in Harrison, New York. "People with money on the sidelines are looking for a place to put it. They're looking for names that haven't rallied as much and ones that have rallied are taking a bit of a breather."
The S&P 500 closed lower and the Dow ended a seven-day rally on Wednesday as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. US stocks had been on a tear since the real estate developer's surprise victory in the November 8 US presidential election. The Dow had closed higher for the previous seven sessions, with the last four at record levels. The S&P financial sector ended its own seven-day rally with a 1.4 percent decline. 
No comments:
Post a Comment