U.S. stocks closed lower on Wednesday as the current bull market showed signs of slowing down.
The Dow Jones industrial average fell 138.19 points to close at 23,271.28 — its lowest close in over three weeks — with Caterpillar contributing the most to the losses. The 30-stock index briefly fell 166 points, but a 2 percent rebound in GE shares helped it cut losses.
The S&P 500 fell 0.55 percent to close at 2,564.62, with energy declining 1.2 percent. Energy stocks were pressured by a drop in oil prices.
The S&P 500 was also pressured by declines in financials and consumer discretionary stocks.
The Nasdaq composite, meanwhile, closed 0.5 percent lower as tech stocks fell broadly. Apple, Netflix and Alphabet were among the big-name tech stocks that were trading lower on Wednesday. Tech has had a stellar year, helping lift the Nasdaq 24 percent higher in 2017. The S&P and Dow are also up sharply for the year.
Source: Bloomberg Pro Terminal
Jr. Trader Alexander Kumanoff
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