Wall St finishes down after sell-off at end of strong holiday-shortened week
Wall Street's holiday cheer ended abruptly on Friday, with all three main benchmarks closing lower in a broad-based sell-off affecting even tech and growth stocks that had driven markets higher through much of the shortened trading week.
The decline ended the Dow Jones Industrial Average's five-session winning streak that had followed a 10-session decline, its worst losing stretch since 1974.
The Dow fell 333.59 points, or 0.77%, to 42,992.21. The S&P 500 lost 66.75 points, or 1.11%, to finish at 5,970.84 points, while the Nasdaq Composite dropped 298.33 points, or 1.49%, to end at 19,722.03.
«Today feels like there is quite a bit of profit-taking across the board,» said Michael Reynolds, vice president of investment strategy at Glenmede.
«We are more than two years into a pretty strong bull market… so it's really not surprising to see some people taking their profits and rebalancing their portfolios ahead of the new year.»
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