Trump stock market rally fizzles
Stocks tumbled on Friday as the post-election rally fizzled and investors fretted over the path of interest rates.
Stocks tumbled on Friday as the post-election rally fizzled and investors fretted over the path of interest rates.
The Dow Jones Industrial Average lost 305.87 points, or 0.70%, to end at 43,444.99. The S&P 500 slipped 1.32% and closed at 5,870.62, while the Nasdaq Composite fell 2.24% to 18,680.12.
Declines in pharmaceutical stocks weighed on the 30-stock Dow and broader S&P 500, with Amgen down about 4.2% and Moderna off by 7.3%. President-elect Donald Trump said on Thursday that he planned to nominate vaccine skeptic Robert F. Kennedy Jr. to lead the Department of Health and Human Services. The SPDR S&P Biotech ETF (XBI) tumbled more than 5% and posted its worst week since 2020.
The information technology sector of the S&P 500 was the worst performing corner of the market, down more than 2% as Nvidia, MetaPlatforms, Alphabet and Microsoft tumbled.
Tesla was a rare exception among its Magnificent Seven peers, as shares of the electric vehicle giant and so-called “Trump Trade” were higher by 3%.
https://www.nbcnews.com/business/markets/trump-stock-market-rally-fizzles-rcna180413
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