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U.S. stocks give back after rally that pushed Dow above 21,000

Trader Richard Cohen wears a Dow 21,000 cap

Trader Richard Cohen wears a Dow 21,000 cap as he works on the floor of the New York Stock Exchange, Wednesday, March 1, 2017.  Credit: AP / Richard Drew

For stocks it seemed like Take-Back Thursday as indexes fell hard in the afternoon.

ON WALL STREET: At the close, the Dow Jones industrial average was down 112.6 points, about 0.5 percent, at nearly 21,003. The Standard & Poor’s 500 index slid 14 points, about 0.6 percent, to nearly 2,382. The Nasdaq composite fell 42.8 points, about 0.7 percent, to 5,861.2.

OIL PRICES: As markets closed, U.S. benchmark crude was down $1.17 to $52.66 a barrel in electronic trading on the New York Mercantile Exchange. In London on the Intercontinental Exchange Europe, Brent crude, used to price international oils, was off $1.24 at $55.12 a barrel.

WALL STREET HIGHS: The Dow rose above 21,000 points for the first time on Wednesday in what was the biggest gain for the blue-chip index so far this year. Optimism over corporate tax cuts, deregulation and other business-friendly policy proposals reiterated by President Donald Trump during a speech before Congress helped fuel the rally. The Dow jumped 1.5 percent to close at 21,115.55. The Standard & Poor’s 500 index gained 1.4 percent, to close at 2,395.96 in its biggest single-day gain. The Nasdaq composite index also added 1.4 percent, to close at 5,904.03.

ANALYST’S OPINION: “It’s better to be lucky than good. We think President Trump may be lucky in holding office when the overhang of debt and fear from the Global Financial Crisis lifts,” said analyst Tim Condon, head of research for Asia at ING in Singapore, said in a report.

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