Rally Ends: US stocks retreat, banking leads decline
Some analysts expressed disappointment with the company’s outlook
The offer for sale of shares consists of 37.9 million ordinary shares – 10% of the total paid-up share capital of Lalpir Power – at an offer price of Rs15 per share (inclusive of a premium of Rs5 per share). PHOTO: FILE
NEW YORK:
Wall Street stocks finished lower following profit taking in banking shares and some other equities that had scored big gains in the post-election rally. Bank of America lost 2.2% and Goldman Sachs shed 1.7% in reversals of the large gains seen since the November 8 election prompted a big rally in the sector. Analysts also cited a disappointing home construction report, which showed a steeper decline than expected in new residential building in November. The Dow Jones Industrial Average dipped less than 0.1% at 19,843.41. The broad-based S&P 500 shed 0.2% to 2,258.07, while the tech-rich Nasdaq Composite Index declined 0.4% to 5,437.16. Software company Oracle slumped 4.4% after reporting a 7.5% decline in second-quarter earnings to $2.0 billion. Some analysts expressed disappointment with the company’s outlook.
Published in The Express Tribune, December 18th, 2016.
Wall Street stocks finished lower following profit taking in banking shares and some other equities that had scored big gains in the post-election rally. Bank of America lost 2.2% and Goldman Sachs shed 1.7% in reversals of the large gains seen since the November 8 election prompted a big rally in the sector. Analysts also cited a disappointing home construction report, which showed a steeper decline than expected in new residential building in November. The Dow Jones Industrial Average dipped less than 0.1% at 19,843.41. The broad-based S&P 500 shed 0.2% to 2,258.07, while the tech-rich Nasdaq Composite Index declined 0.4% to 5,437.16. Software company Oracle slumped 4.4% after reporting a 7.5% decline in second-quarter earnings to $2.0 billion. Some analysts expressed disappointment with the company’s outlook.
Published in The Express Tribune, December 18th, 2016.