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Tech drags Wall Street lower

Friday, December 16, 2016 - 01:23

U.S. stocks fell on Friday, weighed by a drop in Oracle shares. Angela Moore reports.

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U.S. stocks dipped on Friday, taking a breather after this week's big moves on the Federal Reserve's plans to speed up interest rate hikes next year. For the week, the markets were mixed. Jeff Tomasulo of Vespula Capital. (SOUNDBITE) JEFF TOMASULO, CEO AND FOUNDER, VESPULA CAPITAL LLC, (ENGLISH) SAYING: "We've had a huge upmove over the last month, since the election, so we're taking a breather today. And, what you've seen also, over the course of this rally, is sector rotation. Some day, you have the Nasdaq up higher, you've had the Russell on a tear. Other days, you have the S&P 500, and, if you even take it down further, you see utilities having a good day, technology, and that's a healthy sign of a market that's gonna continue to rally." Viacom's controlling shareholder, Sumner Redstone, will step down from the company's board after annual meeting in February, according to a filing. Oracle's revenue growth fell short of analysts' expectations, and sent its shares plunging, Activist investor Bill Ackman pushed Chipotle to add four directors to its board. The stock was trading up on Friday. In economic news, U.S. homebuilding fell more than expected in November, with groundbreaking on new housing projects dropping significantly. European shares closed higher, marking a second week of gains.

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Tech drags Wall Street lower

Friday, December 16, 2016 - 01:23