U.S. Stocks Slide, Led by Energy Shares, as New-Year Rally FadesBy
U.S. stocks declined Monday as investors sold following last week’s advance to the precipice of 20,000 on the Dow Jones Industrial Average. Energy stocks slid with crude oil.
The S&P 500 Index lost 0.4 percent to 2,268.90 at 4 p.m in New York, after increasing 1.7 percent last week. The benchmark gained 0.4 percent on Friday and reached a record as data showed U.S. wages in December increasing the most since 2009, fueling expectations of stronger economic growth this year.
The Dow lost 0.4 percent to 19,887.38 Monday. Analyst Tom DeMark said Friday that the Dow is likely to remain short of the milestone level in a topping process amid an absence of buyers.
- Nasdaq Composite higher by 0.2% as Russell 2000 small-caps drop 0.7%
- Energy shares down 1.5% for biggest loss in S&P 500 as crude fell 3.9%
- Financials slid 0.8%; group is up 17% since Nov. 8
- Health-care, materials and tech stocks advanced
- VIX up 2.1%, snapping a four-day decline
For related equity market news:
- BlackRock Quants Sustain Record Losses in Setback to Fink Plan
- Cross-Asset Stress Eases to Lowest Since 2015 China Scare: Chart
- Hedge Funds Add $9.8b S&P 500 in Biggest Week Since Election
- Small-Cap Growth Stocks Poised to Outperform: Jefferies
— With assistance by Blaise Robinson
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