Published: Fri, December 30, 2016
Economy | By Melissa Porter

Wall Street Falls Again As Financial Stocks Lead the Decline

Wall Street Falls Again As Financial Stocks Lead the Decline

Dec 29 (Reuters) - Strong economic data and gains in healthcare stocks propped up Wall Street on Thursday, a day after the S&P 500 suffered its biggest fall in two months.

For the bears, the U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 0.614 million barrels in the week ended December 23, compared to forecasts for a draw of 2.060 million barrels.

The Nasdaq rose to a record high 5,512.37.

Chipmaker Nvidia jumped 7 percent.

The blue-chip index came within 19 points of the milestone shortly after the open, before slipping into negative territory as losses in Boeing offset Goldman Sach's 0.86 percent gain. The S&P 500 fell 0.8% and the Nasdaq Composite lost 0.9%.

The S&P Case-Shiller home price index covering 20 major cities saw a 0.6 percent increase on a seasonally adjusted basis in October.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.57% from 2.54% late Friday.

Analysts said trading volume remained low Wednesday in a traditionally sleepy period of the year between Christmas and the New Year.

The Dow Jones industrial average edged closer to 20,000 points Tuesday.

LOOKING FIT: Shares in Fitbit climbed 6.7 percent after the fitness tracker company's app became the second-most downloaded in the iTunes store.

US stocks managed to grab back some of the points lost on Wednesday when the Dow registered its second largest drop since the November 8 presidential election and appeared to shut the door on hopes of reaching 20,000 points before the year's end.

For its part, the Nasdaq, dominated by technology, won by 24 points to hit its peak in closing 5487 points.

The dollar index fell 0.37 percent on Thursday after a sharp rise this month.

Drugmaker Biogen rose 2 percent early Tuesday after regulators approved the company's drug to treat a rare genetic disorder called spinal muscular atrophy.

According to data from broker-dealer firm LPL Financial, the S&P 500 recorded the lowest ever difference between its highest and lowest points in thirty-six years on consecutive days last week.

Like this: