Dow falls more than 150 points as rally to record highs takes a breather
U.S. stocks fell on Tuesday as the market’s recent rally cooled off amid a sharp decline in drug store shares and disappointing economic data.
The Dow Jones Industrial Average dropped 167.09 points, or 0.6%, to close at 29,783.35. The S&P 500 dipped 0.5% to 3,609.53, while the Nasdaq Composite fell 0.2% to 11,899.34.
Sentiment also took a hit after data showed retail sales increased less than expected in October. Retail sales rose 0.3% last month, versus a 0.5% gain expected by economists polled by Dow Jones.
Tesla shares bucked the market’s negative trend, jumping 8.2% after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index, effective Dec. 21. It was a long anticipated move for the surging stock. Before Monday, the shares had already more than quadrupled this year.
Walmart earnings top expectations as customers’ new shopping habits send e-commerce sales soaring 79%
Reference: CNBC
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