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Dow, S&P 500 drop as U.S. bank rally wanes, tech boosts Nasdaq

Wednesday, November 16, 2016 - 01:13

The S&P 500 closed lower and the Dow ended a seven-day rally on Wednesday, as financial stocks fell, but gains in technology stocks helped Nasdaq end the day higher. Bobbi Rebell reports.

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The S&P 500 and the Dow took a step back on Wednesday as financial stocks ended their seven-day rally. But the Nasdaq moved higher thanks to gains in technology. Investors still looking for clarity regarding a Trump presidency. Laurie Kamhi of HighTower LCK Wealth Management: SOUNDBITE: LAURIE KAMHI, PARTNER, HIGHTOWER LCK WEALTH MANAGEMENT, (ENGLISH) 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." Target reported much higher-than-expected quarterly profit. The retailer benefited from a strong back-to-school shopping season, and improving online sales. Target also gave an optimistic outlook for the holiday period. Lowe's stock fell after the number two U.S. home improvement chain cut its full-year profit forecast for a second time. New economic data suggesting the battered factory sector was slowly recovering. U.S. manufacturing output increased for a second straight month in October, in part because of gains in the auto sector. In Europe, stocks weighed down by a pullback in bank stocks hit by profit taking.

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Dow, S&P 500 drop as U.S. bank rally wanes, tech boosts Nasdaq

Wednesday, November 16, 2016 - 01:13