Stock market today: Wall Street weakens as its post-election boom slows some more
U.S. stocks slipped as the market’s big burst following Donald Trump’s election continued to cool
NEW YORK (AP) — U.S. stocks slipped Thursday as the market’s big burst following Donald Trump’s election continued to cool.
The S&P 500 fell 0.6%, though it’s still near its all-time high set on Monday. The Dow Jones Industrial Average dropped 207 points, or 0.5%, and the Nasdaq composite sank 0.6%.
Cisco Systems’ 2.1% drop weighed on the market, even though the tech giant reported stronger profit for the latest quarter than analysts expected. Investors may have been looking for it to raise its financial forecasts more, analysts suggested.
The stock market broadly has been rising faster than corporate profits, which raises the volume on criticism from skeptics that it’s gotten too expensive. The S&P 500 is still up nearly 25% for the year so far, on top of last year’s leap of 24.2%.
