Reuters Videos
Stocks close lower after 4 days of gains
STORY: U.S. stocks fell on Wednesday, ending a four-session winning streak for the Dow and S&P 500, as investors weighed developments in Ukraine, where Russian forces dropped bombs a day after saying it was scaling down military operations. The Dow fell slightly and the S&P dropped more than half a percent, while the Nasdaq lost more than a full percent. Scott Wren is senior global market strategist for the Wells Fargo Investment Institute. “We’ve had a big rally over the course of the last couple of weeks, really even just shorter than that, I think there’s still plenty of uncertainties out there, whether it’s Ukraine-Russia, whether it’s what the Federal Reserve will do. So, this is just a day where people are taking a little bit of money off the table, traders in particular, after we’ve had this big jump higher.” The S&P has rebounded more than 5% in March after starting the year with two straight monthly declines, and is still on track for its first quarterly decline since the first quarter of 2020. Tech shares took a hit with megacaps Amazon, Meta Platforms and Nvidia all losing ground. Shares of Apple ended their winning streak, after rising for 11 straight sessions, a run not seen since nearly two decades ago. Reversing recent moves on the flip side were energy stocks, the sector up nearly 40% so far this year, which would mark its strongest quarterly performance ever. And finally, shares of Lululemon jumped almost 10% after forecasting full-year profit and revenue above estimates, as demand for athletic wear remained strong.
Add Comment