Dow winning streak ends but tech stocks gain

A screen shows the Dow Jones Industrial Average after the close of trading on the floor of the New York Stock Exchange.
A screen shows the Dow Jones Industrial Average after the close of trading on the floor of the New York Stock Exchange.PHOTO: REUTERS

NEW YORK (AFP) - The Dow Jones Industrial Average failed on Wednesday (Nov 16) to extend a seven-day winning streak, finishing lower along with the S&P 500, but the tech-heavy Nasdaq drifted higher.

The blue-chip Dow finished slipped 0.3 per cent at 18,868.14, after four straight record closes, and the S&P fell 0.2 per cent to 2,176.94.

The Nasdaq, however, headed in the opposite direction, closing strong with a 0.4 per cent gain to 5,294.58.

The trading session followed the release of disappointing US economic data which showed wholesale inflation and industrial production flat for the month of October.

US stocks jubilantly greeted President-elect Donald Trump's victory last week in the race for the White House, rallying for seven straight days. However, Wednesday's result could be a sign of a fading post-Trump rally.

Financials were among the heaviest losers of the day. JP Morgan Chase dropped 2.5 per cent, Goldman Sachs fell 2.3 per cent and Morgan Stanley finished 2 per cent lower.

Having suffered in the immediate aftermath of the election, tech stocks continued to rise Wednesday. Apple gained 2.7 per cent, Microsoft rose 1.3 per cent and Google parent Alphabet edged 0.6 per cent higher.