U.S. stocks declined
following the Standard & Poor’s 500 Index’s strongest three-day
advance in almost six months, as banks, technology and consumer shares
lost momentum after bolstering the rally.
The S&P 500
slipped 0.5 percent to 1,917.79 at 4 p.m. in New York, halting a winning
streak after the gauge’s 1.7 percent climb on Wednesday capped its
first three-day gain of the year. The Nasdaq Composite Index fell 1
percent as Apple Inc. and Google parent Alphabet Inc. sank more than 1.9
percent.
Equities lost momentum
Thursday after recent gains that have come just as fast as the losses
that sent the S&P 500 to its worst start to any year. Almost half of
2016’s decline was erased in the prior three sessions as the most
beaten-down industries, including banks, technology and retailer shares,
led a comeback. The benchmark is still down about 10 percent from its
May record, and has lost 6.2 percent this year amid signs of weakness in
the global economy and falling commodity prices.
Source: Bloomberg
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