![US stocks edge slightly lower as banks, tech retreat](https://photo-cdn.urdupoint.com/media/2016/12/_2/740x404/pic_1483079236.jpg)
US Stocks Edge Slightly Lower As Banks, Tech Retreat
Umer Jamshaid Published December 30, 2016 | 08:55 AM
![US stocks edge slightly lower as banks, tech retreat](https://photo-cdn.urdupoint.com/media/2016/12/_2/740x404/pic_1483079236.jpg)
NEW YORK, , (UrduPoint / Pakistan Point News - 30th Dec, 2016 ) - Shares of banks and some prominent technology companies fell Thursday as US stock markets finished slightly lower following another sleepy holiday session.
Bank of America, Citigroup and Goldman Sachs all saw their share prices drop one percent or more, while Amazon dipped 0.9 percent at Tesla Motors 2.3 percent. The Dow Jones Industrial Average shed 0.1 percent to 19,819.78, retreating further from a charge at the 20,000-point milestone, a landmark that now seems less attainable by year end.
The broad-based S&P 500 slipped a hair to 2,249.26, while the tech-rich Nasdaq Composite Index dropped 0.1 percent to 5,432.09. Analysts attributed the weakness in stocks in part to a rejiggering of assets in the wake of a post-election rally that lifted the market to repeat records in December.
"Stocks have done very well and there is a reallocation out of the winning asset, which is stocks, into the asset which has not done as well, which is bonds," said Nicholas Colas, chief market strategies at Convergex, a New York brokerage firm.
Markets largely shrugged off the Obama administration's move to slap sanctions on Russia over its hacking of Democratic Party interests ahead of the US presidential election. Barrick Gold and Newmont Mining each gained more than 7.0 percent.
Gold prices, which have been under pressure since the US elections, have rallied over the last few days. Despite Thursday's decline, the S&P 500 is up about 10 percent for 2016 with one trading day left to go in the year.
Analysts vary in their appraisal of the outlook for 2017, with some predicting additional gains for stocks and others warning the market could be in for a retreat if President-elect Donald Trump fails to deliver major policy changes.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From Business
-
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
7 hours ago -
Chinese support for CPEC, development projects show deep love with Pakistan: Mushahid
7 hours ago -
G20 seeks common ground on taxing super-rich
7 hours ago -
Stocks rise as inflation data boosts rate cut hopes
7 hours ago -
Land of PSM to be used for establishment of SEZs: NA body told
9 hours ago -
European medicines watchdog rejects new Alzheimer's drug
9 hours ago
-
FBR committed to resolve taxpayer issues in KP, Chairman FBR assures Governor KP
11 hours ago -
Tanveer emphasizes role of SEZs in attracting investment
11 hours ago -
Russian central bank hikes key rate to fight inflation
11 hours ago -
SBP injects Rs9.545 trillion into market
11 hours ago -
PSX stays bearish, loses 439 points
11 hours ago -
US Fed's favored inflation measure cools further in June
12 hours ago