US stocks dropped on Thursday as concerns about the financial health of Portugal’s top listed bank gave investors a reason to cash in recent gains.
With the Dow and the S&P 500 near record highs, the slide in
The S&P 500 financial sector index fell 0.5 per cent.
“There seems to be a lot of angst in the market short term, but given the fact we had such a run the past couple of weeks, it seems to be more psychological than real,” said
Among the day’s biggest decliners was
The S&P utilities index and the S&P telecom index , defensive plays favored for their relatively high dividends, rose 0.6 per cent and 0.8 per cent, respectively. The yield on the 10-year US Treasury note briefly dropped to 2.494 per cent, its lowest since
The Dow Jones industrial average fell 70.54 points or 0.42 per cent, to 16,915.07. The S&P 500 slid 8.15 points or 0.41 per cent, to 1,964.68. The Nasdaq Composite dropped 22.83 points or 0.52 per cent, to 4,396.20.
With Thursday’s decline, the S&P 500 was down 1 percent for the week and on track for its biggest weekly loss since April.
The Dow fell as much as 180.23 points shortly after the opening bell and then recovered to close about 85 points below the 17,000 milestone reached last week.
Just a week ago, the Dow closed above 17,000 for the first time, ending at a record of 17,068.26, while the S&P 500 ended at an all-time high of 1,985.44.
Billionaire activist investor
“In my mind, it is time to be cautious about the US stock markets,” Icahn said in a telephone interview. “While we are having a great year, I am being very selective about the companies I purchase.”
Among the day’s gainers was
About 5.84 billion shares traded on US exchanges, in line with the 5.79 billion average in June, according to data from
Decliners outnumbered advancers on the
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