- Title: Financials drag on Dow, S&P 500; tech shines
- Date: 16th November 2016
- Summary: NEW YORK, NEW YORK, UNITED STATES (NOVEMBER 16, 2016) (REUTERS) (SOUNDBITE) (English) HIGHTOWER LCK WEALTH MANAGEMENT CEO LAURIE KAMHI, SAYING: "I'm not concerned. It would be a healthy retracement if there was some profit taking now because the sectors that rallied in the last week and a half were the worst performing sectors just a few months ago. "
- Embargoed: 1st December 2016 21:48
- Keywords: Dow stocks markets NYSE Trump trading banks financials sectors rally Laurie Kamhi
- Location: NEW YORK CITY, NEW YORK, UNITED STATES
- City: NEW YORK CITY, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA00258P3NV1
- Aspect Ratio: 16:9
- Story Text: The S&P 500 closed lower and the Dow ended a seven-day rally on Wednesday (November 16) as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher.
U.S. stocks had been on a tear since the real estate developer's surprise victory in the Nov. 8 U.S. 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.
The Dow Jones industrial average closed down 54.92 points, or 0.29 percent, to 18,868.14, the S&P 500 lost 3.45 points, or 0.16 percent, to 2,176.94 and the Nasdaq Composite added 18.96 points, or 0.36 percent, to 5,294.58.
Investors were still looking for clarity on how much of Trump's campaign promises will become a reality, while preparing for higher interest rates and inflation.
Trump's proposals to cut taxes and raise infrastructure spending are seen boosting economic activity and inflation, while any dismantling of foreign trade agreements or imposition of import tariffs would be expected to hurt the U.S. economy.
While S&P financial stocks slipped on Wednesday they were still 9.3 percent above their pre-election levels as investors are betting on higher interest rates and lighter regulation helping that sector. JPMorgan's 2.5 percent drop to $77.40 weighed the most on the sector.
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