Dow Falls More Than 100 Points to Notch Four Losing Days as Year-End Rally Takes a Breather
Stocks fell on Tuesday, as traders digested a year-end rally to record levels while awaiting new U.S. inflation data set for release this week.
The S&P 500 and the Nasdaq Composite both traded down roughly 0.3%. The Dow Jones Industrial Average also slid about 0.4%.
Oracle shares slumped more than 7% after the database software company posted fiscal second quarter results that missed Wall Street’s estimates. The stock has jumped around 67% this year.
″[The market] has been narrowing over the past week,” CFRA Research’s chief investment strategist Sam Stovall said to CNBC. “Investors are waiting to see if that simply is your traditional seasonal softness in mid-December, and I think [they] are expecting the participation to broaden out once again as the market does indeed go through an end-of-year pop.”
Alphabet was a breakout winner of the session, advancing about 5%, on the backs of Google making a major breakthrough in quantum computing with the unveiling of its new chip. That puts its year-to-date gains at more than 31%.
Source : CNBC
