Stock indexes fall as an afternoon slide accelerates
Traders work at the New York Stock Exchange on Wall Street on Thursday, Dec. 22, 2016. Credit: AP / Mark Lennihan
Banks led a broad slide in U.S. stocks Wednesday that more than wiped out gains from the day before.
After an early upward turn, the stock market veered into the red by midmorning, the losses accelerating as the day wore on. Basic materials companies, industrials, utilities and energy stocks were among the biggest decliners.
Trading was light ahead of the New Year’s Day holiday. Two stocks fell for every one that rose on the New York Stock Exchange.
“Volume is pretty weak, so there’s no aggressive selling taking place,” said Bob Doll, chief equity strategist at Nuveen Asset Management. “It’s more sellers locking in some better gains than they thought they were going to get this year. It’s been a really good year.”
The Dow Jones industrial average fell 111.36 points, or 0.6 percent, to 19,833.68. The Standard & Poor’s 500 index lost 18.96 points, or 0.8 percent, to 2,249.92. The Nasdaq composite, which set a record high close the day before, slid 48.89 points, or 0.9 percent, to 5,438.56.
The three major indexes are on pace for a solid gain this year. The Dow is up 13.8 percent. The S&P 500 is on track for a 10 percent gain, while the Nasdaq is headed for an 8.6 percent gain. Small-company stocks are up even more. The Russell 2000 is up 19.8 percent so far this year.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
