U.S. stocks fell, after the Standard & Poor™s 500 Index closed yesterday at a record for the 53rd time this year, as technology and utility companies sank the most in 18 months.
The S&P 500 dropped 0.5 percent to 2,080.34 at 4 p.m. in New York. The Dow Jones Industrial Average lost 54.65 points, or 0.3 percent, to 17,983.58. The Nasdaq 100 Index slid 0.7 percent as Apple Inc. lost 1.2 percent to pace declines among technology shares. Utility shares in the S&P 500 plunged 2.1 percent, the most since June 2013. Trading in S&P 500 companies was 35 percent below the 30-day average for this time of the day.
The S&P 500 has climbed 0.6 percent in December as the world™s largest economy expanded at the fastest pace in more than a decade and the Federal Reserve pledged to be patient on the timing of interest-rate increases.
The S&P 500 and Russell 2000 Index closed at all-time highs yesterday, while the Dow was near a record after climbing above 18,000 last week for the first time. The Nasdaq Composite Index finished at the highest level since March 2000.
December™s advance has extended the S&P 500™s rally for the year to 13 percent while the Dow has increased 8.5 percent. The Russell 2000 has advanced 4.3 for the year.
Source : Bloomberg