The S&P 500 retreated Wednesday as a slide in health-care stocks dragged indexes lower. Italian lenders continued to drive market focus after Sunday’s referendum.
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Investors appeared to largely shrug off the resignation of Italian Prime Minister Matteo Renzi following a defeat in a referendum for constitutional reforms on Sunday.
A forthcoming referendum in Italy and concerns about the pace of Wall Street’s rally help to make investors cautious.
Crude continues climbing after OPEC agrees to cut oil production.
Investors expect the market to benefit from Trump’s policies, including higher spending on infrastructure and simpler regulations in the healthcare and banking industries.
Data showed the U.S. economy grew faster than initially thought in the third quarter.
Monday’s downbeat tone came as oil prices swung ahead of a meeting of major oil producers in Vienna.
Major U.S. indexes down slightly ahead of the Thanksgiving holiday.
The Dow, S&P 500, Nasdaq and small cap Russell 2000 indexes all closed at record highs on Monday, the first such instance since December 1999.
U.S. stocks had been on a tear since Donald Trump’s surprise victory in the presidential election last week as his proposals to increase infrastructure spending and reduce taxes are seen benefiting the economy.