Stocks in the United States settled on the negative territory on Wednesday after investors saw signs that the bull market has been sluggish.
Equities in the U.S. went on a downhill because there are possibilities that the promised tax reform of President Donald Trump will not take its effect before this year ends. The major averages edged down as low as 1 percent this November. The Nasdaq is currently on track to touch its very first monthly loss in four months, while Dow and S&P are ought to snap seven consecutive months of gains.
Looking at U.S. indices today, the Nasdaq composite fell by 0.5 percent due to the poor performance from its information and technology sector. Google parent Alphabet, along with Netflix and Apple all finished on the bottom of the benchmark this day.
The S&P 500 dropped more than 0.55 percent and closed at 2,564.62. Energy played a huge part on the index’s losses as it declined as low as 1.2 percent after a series of falling oil prices. U.S. West Texas Intermediate (WTI) crude prices lost more than 37 cents or 0.6 percent to finish at $55.33 a barrel.
Meanwhile, the Dow Jones industrial average shredded as much as 138.19 points and settled to its lowest level in three weeks at 23,271.28, with Caterpillar as its leading decliner. Dow rapidly trimmed 166 points, however, American multinational conglomerate GE limited that losses of the index as it added 2 percent in shares on Wednesday.