Stocks Dip Lower In Post-Holiday Trading
Posted: Monday, November 28, 2016 – 10:49 AM
US stocks pulled back in early trading Monday, following a four-session winning streak as investors looked ahead to a week rich in economic data.
A half-hour into the day’s session, the first full trading day following the Thanksgiving holiday, the Dow Jones Industrial Average, S&P 500 and Nasdaq were all 0.2 percent lower at 19,106.43, 2,209.08 and 5,389.60, respectively.
US stock indices have smashed records, rallying since Donald Trump’s November 8 upset victory over Hillary Clinton in the presidential elections, with investors cheered by hopes Trump will boost infrastructure spending, cut taxes and ease regulations.
Oil prices rebounded at the start of the week after turning sharply lower Friday as investor hopes of a production deal by crude-producing countries faded. Saudi officials said early Monday they would not join a meeting with Russian officials.
Exxon Mobil fell 0.5 percent and Marathon Petroleum lost 0.2 percent but other US oil-related stocks were in positive territory, with ConocoPhillips up 1.1 percent and Chevron gaining 0.1 percent.
Oil field services giant Schlumberger lost 0.4 after announcing Sunday it had reached a preliminary agreement to study an oil field in Iran.
Health-related stocks were among the Dow’s losers, with UnitedHealth Group losing 1.1 percent, drugmakers Merck and Johnson & Johnson losing 0.7 percent and 0.5 percent, respectively.
Online retailers were bracing for the “Cyber Monday” rush of orders during a day of heavy sales and promotions. Amazon fell 1.6 percent in morning trading while eBay was down one percent and crafts marketplace Etsy was 0.8 percent lower.
The Commerce and Labor departments this week are due to report on economic growth and monthly job creation, with investors looking to see if markets will extend a record-breaking post-election rally further into the holiday period.
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