Tuesday, March 28, 2017

Dow Posts 8-Day Slide, Longest Since 2011, as Street Weighs Tax Reform Prospects

By Fred Imbert

U.S. stocks closed mostly lower on Monday as investors reassessed the prospects of key White House proposals, including tax reform, coming to fruition.

"When you look at some of the areas that have helped the market, they are waning a bit here," said Daniel Deming, managing director at KKM Financial. "I think you're also seeing some valuation concerns as well.

The Nasdaq composite closed 0.2 percent higher after briefly falling 1 percent.

The Dow Jones industrial average ended about 45 points lower — after falling nearly 200 points earlier, with Goldman Sachs contributing the most losses. The 30-stock index also posted an eight-session losing streak, its longest since 2011.

The S&P 500 dipped 0.1, with financials and telecommunications leading decliners. Financials were dragged by bank stocks, as the SPDR S&P Bank ETF (KBE) and the Regional Banking ETF (KRE) both fell around 0.5 percent. 

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Source: CNBC (via The Empire Report)

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