Friday, May 17, 2024
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Dow Drops By Over 200 Points

Following a record-breaking run of 13 straight rises, the Dow Jones Industrial Average finally lost steam on Thursday as investors took their profits.

Shares of Honeywell contributed to the decline in the 30-stock index, which dropped 237.40 points, or 0.67%, to 35,282.72. It also didn’t help that the 10-year Treasury yield increased back above 4%. The index would have tied its record winning streak dating back to 1897 if it had added a 14th day of growth on Thursday.

In order to reach 4,537.41, the S&P 500 fell by 0.64%. The broad index briefly reached its highest level since March 2022 at one point during the trading session, topping the crucial 4,600 mark. The Nasdaq Composite fell 0.55% to 14,050.11 at the same time as investors booked some profits on significant tech stocks including Microsoft and Apple.

Rising corporate earnings, declining inflation figures, and encouraging economic indicators all contributed to the Dow’s winning streak. Thursday brought additional proof for Wall Street on each of those fronts.

Source (CNBC)

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