- Title: Wall St falls, weighed by financial, consumer stocks
- Date: 28th November 2016
- Summary: NEW YORK, NEW YORK, UNITED STATES (NOVEMBER 28, 2016) (REUTERS) (SOUNDBITE) (English) MIZUHO SECURITIES USA FUTURES DIVISION DIRECTOR, ROBERT YAWGER, SAYING: "I think the most likely scenario - probably a 50 percent chance - is there is some sort of wishy-washy agreement, where it is a watered-down agreement where the quotas are really not tight. The ability to verify production cuts is not all that good'
- Embargoed: 13th December 2016 21:19
- Keywords: markets stocks NYSE trading oil opec crude financial consumer
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0025AD0X3H
- Aspect Ratio: 16:9
- Story Text:U.S. stocks declined on Monday (November 28) 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 U.S. indexes had closed higher for the third week in a row on Friday (November 26), with the S&P 500 notching its seventh record close since the U.S. presidential election on Nov. 8.
U.S. 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 .SPSY 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.
The Dow Jones industrial average fell 54.24 points, or 0.28 percent, to 19,097.9, the S&P 500 lost 11.63 points, or 0.53 percent, to 2,201.72 and the Nasdaq Composite dropped 30.11 points, or 0.56 percent, to 5,368.81.
Prices for both Brent and U.S. crude settled up more than 2 percent in volatile trading, recouping early losses, as the market reacted to the shaky prospect of major OPEC producers being able to agree output cuts at a meeting on Wednesday (November 30).
"I think the most likely scenario - probably a 50 percent chance - is there is some sort of wishy-washy agreement, where it is a watered-down agreement where the quotas are really not tight. The ability to verify production cuts is not all that good," said Robert Yawger of Mizuho Securities.
Three of the top four drags on the S&P 500 were banks, with Wells Fargo off 2 percent, Bank of America down 2.7 percent and Citigroup C.N down 2.3 percent.
Amazon, down 1.7 percent at $766.77, was the biggest drag on the Nasdaq despite a report showing early Cyber Monday sales were expected to finish up 9.4 percent compared with last year.
Time Inc jumped 17.6 percent to $16 after the New York Post reported that the publisher had rejected a takeover bid from billionaire investor Edgar Bronfman Jr.
About 6.52 billion shares changed hands in U.S. exchanges, below the 7.84 billion daily average over the last 20 sessions.
Declining issues outnumbered advancing ones on the NYSE by a 1.99-to-1 ratio; on Nasdaq, a 2.36-to-1 ratio favored decliners.
The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 180 new highs and 23 new lows.
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