- Title: Wall St ends solid 2016 on dour note
- Date: 30th December 2016
- Summary: NEW YORK, NEW YORK, UNITED STATES (DECEMBER 30, 2016) (REUTERS) (SOUNDBITE) (English) 55 CAPITAL MARKET STRATEGIST MAX WOLFF, SAYING: "We think 2016 will be remembered as a pretty darn good year. It beat almost all the major expectations. We even had the events we had feared and did well in the face of those. That is a lot of upward momentum."
- Embargoed: 14th January 2017 21:13
- Keywords: Max Wolff NYSE trading stocks Dow year Trump markets
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0025F2T85P
- Aspect Ratio: 16:9
- Story Text:U.S. stocks slumped on the last trading day of the year on Friday (December 30), led down by Apple and other big tech stocks, but major indexes still posted solid gains in 2016.
In subdued holiday trading, the S&P 500 declined for a third consecutive session.
But the benchmark index still tallied an annual gain of 9.5 percent. The Dow Jones Industrial Average climbed 13.4 percent for 2016, even as it recorded its first weekly decline since the U.S. election on Nov. 8.
Stocks stalled this week after surging in the wake of Donald Trump's presidential election. Investors have bet Trump will cut taxes and regulations and introduce fresh economic stimulus.
The Dow Jones Industrial Average fell 57.18 points, or 0.29 percent, to 19,762.6, the S&P 500 lost 10.43 points, or 0.46 percent, to 2,238.83 and the Nasdaq Composite dropped 48.97 points, or 0.9 percent, to 5,383.12.
The Dow slipped further from the 20,000 milestone, after coming within 13 points of the mark but not yet breaching it.
The Dow is now up about 8 percent since the election.
Apple shares fell 0.8 percent after a report that the company will trim iPhone production. Shares of Apple suppliers such as Cirrus Logic and Qualcomm also declined.
Tech was the worst-performing major S&P sector, falling 1 percent. Big tech names such as Microsoft and Alphabet slumped more than 1 percent.
Investors are wary that the market could be primed for a spill to start 2017, after the S&P 500 posted a surprisingly strong gain in 2016.
In other corporate news, OPKO Health shares fell 18.8 percent after the company said its experimental drug for growth hormone deficiency in adults failed to provide a statistically significant benefit in a late-stage study.
About 5.6 billion shares changed hands in U.S. exchanges, below the 6.8 billion daily average over the last 20 sessions.
Declining issues outnumbered advancing ones on the NYSE by a 1.23-to-1 ratio; on Nasdaq, a 1.49-to-1 ratio favored decliners.
The S&P 500 posted 1 new 52-week high and 1 new low; the Nasdaq Composite recorded 58 new highs and 48 new lows. - Copyright Holder: REUTERS
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