Dow falls more than 100 points as tech drop pushes stocks off record highs

As tech shares struggled and COVID-19 stimulus talks seem stymied, stocks fell on Wednesday, retreating from the record highs set earlier in the day.

stocksFred Imbert and Maggie Fitzgerald for CNBC:

The Dow Jones Industrial Average closed 105.07 points lower, or 0.35%, at 30,068.81. The S&P 500 fell 0.8% to 3,672.82. The Nasdaq Composite pulled back by 1.9% to close at 12,338.95. Earlier in the session, the Dow was up more than 100 points. All three averages also touched fresh intraday records.

Apple was among the worst-performing Dow components, falling more than 2%. Salesforce dropped 3.2%. The S&P 500 tech sector fell 1.9% to lead the index lower. Facebook declined 1.9% after the Federal Trade Commission, along with several states, filed lawsuits that could force the social media giant to divest Instagram and WhatsApp.

“The US fiscal stimulus process has turned somewhat acrimonious, but Congress has another 1.5 weeks to try and reach a compromise (as the budget deadline is about to get pushed” to Dec. 18, said Adam Crisafulli of Vital Knowledge.

MacDailyNews Take: Hopefully, the fiscal stimulus talks will gel as that will help many who are struggling as businesses are impacted by continuing COVID-19 shutdowns and restrictions. That, in turn, will help the economy, helping tech and other stocks, too.

16 Comments

  1. Sticks and stones
    May break my bones
    But Nick will
    Never hurt me.

    TMac is just a big mouth slob that is part and parcel of the kind of embarrassing fool that the Republicans will work hard to dissociate themselves from in the future. History will not be kind to Trumpists.

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