The Dow Jones Industrial Average (DJIA) finished lower and snapped a five-day winning streak, despite touching a fresh record high earlier in the day. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) followed the Dow lower in afternoon trading, hurt by struggling healthcare stocks andreports the Republican tax bill has encountered last-minute resistance. Specifically, two senators will reportedly vote against the bill unless it includes a larger expansion of a child tax credit.
Against this backdrop, the Dow lost steam in spite of Walt Disney's (DIS) purchase of Twenty-First Century Fox (FOXA) assets, as well as stronger-than-expected November retail sales and the Federal Communications Commission's (FCC) expected repeal of net neutrality regulations.
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The Dow Jones Industrial Average (DJIA - 24,508.66) finished 76.8 points, or 0.3%, lower, despite notching a record high of 24,672.48. DISled six Dow stocks higher with its 2.8% win, Caterpillar (CAT) paced the 24 decliners with its 1.5% loss.
The S&P 500 Index (SPX - 2,652.01) finished 10.8 points, or 0.4%, lower. The Nasdaq Composite (IXIC - 6,856.52) lost 19.3 points, or 0.3%.
The CBOE Volatility Index (VIX - 10.49) added 0.3 point, or 3.1%.
Data courtesy of Trade-Alert
Crude slated for January delivery climbed 44 cents, or 0.8%, to close at $57.04 per barrel. Black gold was boosted by the pipeline outage in Britain and reports of a refinery fire in Texas, but gains were limited after the International Energy Agency (IEA) increased its forecast for oil output growth next year.
February-dated gold futures gained $8.50, or0.7%, to settle at $1,257.10 an ounce. The safe-haven asset was boosted by the apparent assurances that 2018 will bring three interest rate hikes as anticipated.