Stocks close lower, Dow and S&P 500 dip below record highs
On the heel of record highs, market averages (^DJI, ^IXIC, ^GSPC) are falling back below their historic benchmarks. The Dow Jones Industrial Average falls back below 40,000 after breaching it intraday while the S&P 500 dips under 5,300 to close out Thursday's session.
Market Domination Overtime Host Julie Hyman reviews the day's market and sector performances.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
This post was written by Luke Carberry Mogan.
Video Transcript
Let's get you up to speed on the action from today's session sponsored by Tasty Trade, let's start with where the major averages ended.
We touched down 40,000 earlier in the day between 10 and 11 a.m. And then we didn't stay there.
So down on the day when all was said and done, not repeating the record close of yesterday for all three major averages.
The Dow ending the day down about 30 8.5 points as things lost steam.
The S and P 500 off about 1/5 of 1% and the NASDAQ down a quarter of 1%.
If we look at the Dow components to see kind of what happened here and what dragged things down, I'm going to equal weight just to give us a look here.
Cisco falling the most after its numbers, although initially the shares were higher.
Caterpillar down 2.5% Home Depot, Amazon and Sales Force rounding out from the week performers, Wal Mart numbers and the stock rising after its earnings was not enough to salvage the Dow here and then I also want to take a look at the sectors within the S and P 500.
We had materials discretionary industrial, some of the worst performers, big increase in consumer staples.
But again, that was not enough to salvage the overall performance.