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Wall St edges down as bank shares weigh

Thursday, December 29, 2016 - 01:16

Wall Street ended slightly lower on Thursday, held down by bank shares in quiet holiday trading as traders looked to position for the new year. Bobbi Rebell reports.

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The second to last trading day of 2016 closed with stocks in the red on weakness in bank stocks. The major U.S. indices taking a break from the rally that began in the wake of Donald Trump's November 8th election. Many investors betting on his plan to cut taxes and regulations along with economic stimulus. Meridian Equity Partners Jonathan Corpina: SOUNDBITE: JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS, (ENGLISH) SAYING: "I think, what has happened over time, is that, since the election and the run up in the market, since then, I think, portfolio managers and individual investors have positioned themselves accordingly, and have enjoyed this run up in the market, and probably a few weeks ago, two weeks ago, probably, put everything on hold until 2017." New economic data showing a drop in U.S. exports last month pushed the country's trade deficit in goods higher, while the number of Americans filing for unemployment benefits fell last week in a positive sign for the labor market. Drug developer Cempra lost more than half its value after U.S. health regulators rejected its antibiotic. In Europe, Britain's FTSE set a record high after a rally in precious metals miners, though other country indexes closed lower.

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Wall St edges down as bank shares weigh

Thursday, December 29, 2016 - 01:16