US stocks edge lower after strong post-election gains
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Traders work on the New York Stock Exchange floor, on Nov 12, in New York City.
PHOTO: AFP
WASHINGTON - US stocks finished the day in the red on Nov 12, as traders looked to consolidate some of their gains since Donald Trump’s victory in the Nov 5 US presidential election.
“We got a significant run,” Mr Art Hogan, of B. Riley Wealth Management told AFP.
“After a run like that in such a short period of time, it’s not surprising for markets to take a breather.”
The Dow Jones Industrial Average fell 0.9 per cent to 43,910.98, while the broad-based S&P 500 slipped 0.3 per cent to 5,983.99.
The tech-focused Nasdaq Composite Index rounded out the fall among major indices on Wall Street, closing down 0.1 per cent at 19,281.40.
Among individual stocks, Tesla fell 6.1 per cent as traders looked to make the most of a recent surge in the electric vehicle-maker’s share price after Trump’s victory, which was strongly supported by Tesla chief executive Elon Musk.
The biotech firm Amgen also shed value on Nov 12 after an analyst published a research note raising questions about an experimental anti-obesity drug.
As well as digesting last week’s election result, and what it means for the markets, traders are also looking ahead to a number of data releases this week, including fresh consumer inflation data published on Nov 13. AFP
