Wall Street edges lower as bank shares fall

Record ID: 162629

  • Title: Wall Street edges lower as bank shares fall
  • Date: 29th December 2016
  • Summary: NEW YORK, NEW YORK, UNITED STATES (DECEMBER 29, 2016) (REUTERS) (SOUNDBITE) (English) MERIDIAN EQUITY PARTNERS SENIOR MANAGING PARTNER JONATHAN CORPINA, SAYING: "I think what has happened over time is that since the election and the run-up in the market, since then, I think portfolio managers and individual investors have positioned themselves accordingly and have enjoyed this run-up in the market and probably a few weeks ago, two weeks ago probably put everything on hold until 2017."
  • Embargoed: 13th January 2017 21:15
  • Keywords: Jonathan Corpina stocks trading economy markets election Trump Dow
  • Location: NEW YORK, NEW YORK, UNITED STATES
  • City: NEW YORK, NEW YORK, UNITED STATES
  • Country: USA
  • Topics: Economic Events,Equities Markets
  • Reuters ID: LVA0025EXSXAL
  • Aspect Ratio: 16:9
  • Story Text: Wall Street ended slightly lower on Thursday (December 29), held down by bank shares in quiet holiday trading as traders looked to position for the New Year.
    U.S. equities have stalled in recent days after rallying in the wake of Donald Trump's Nov. 8 election as U.S. president. Investors are betting on benefits from Trump's plans to cut taxes and regulations and introduce fresh economic stimulus.
    The post-election surge has put the benchmark S&P 500 on pace for a roughly 10-percent gain for the year, but has left some market participants nervous about a potential correction.
    The Dow Jones Industrial Average fell 13.9 points, or 0.07 percent, to 19,819.78, the S&P 500 lost 0.66 points, or 0.03 percent, to 2,249.26 and the Nasdaq Composite dropped 6.47 points, or 0.12 percent, to 5,432.09.
    The Dow has yet to breach the 20,000 mark after repeatedly coming within 20 points of the milestone.
    The S&P 500 financial index dropped 0.7 percent, the worst-performing sector, but has still risen about 20 percent in 2016.
    Bank of America, Citigroup and Morgan Stanley each fell at least 1 percent. Goldman Sachs and JPMorgan weighed the most on the Dow.
    U.S. Treasury yields fell across the curve as investors bought safe-haven government debt after a strong seven-year note auction.
    Utilities and real-estate - which have lagged since the election - were the top-gaining sectors on Thursday.
    A drop in U.S. exports last month pushed the country's trade deficit in goods higher while the number of Americans filing for unemployment benefits fell last week in a positive sign for the labor market, reports showed.
    In corporate news, drug developer Cempra tumbled 57 percent after U.S. health regulators rejected its antibiotic.
    About 4.9 billion shares changed hands in U.S. exchanges, well below the 6.9 billion daily average over the last 20 sessions.
    Advancing issues outnumbered declining ones on the NYSE by a 1.41-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.
    The S&P 500 posted 1 new 52-week high and 3 new lows; the Nasdaq Composite recorded 80 new highs and 50 new lows.
  • Copyright Holder: REUTERS
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