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Largest drop in two months as Wall St rally loses steam

Wednesday, December 28, 2016 - 01:14

U.S. stocks fell in low volume on Wednesday in a broad decline triggered in part by a sharp drop in home resales. Bobbi Rebell reports.

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Wall Street taking a step back for the first time in three days, triggered in part by a sharp drop in home sales. The Dow still not crossing the much talked about Dow 20,000 level, despite coming within 19 points early in the session. All the talk about Dow 20k should be put in perspective, says Tim Anderson of MND Partners: SOUNDBITE: TIM ANDERSON, MANAGING DIRECTOR, MND PARTNERS, (ENGLISH) SAYING: "Fundamentally, it doesn't mean as much in terms of being just a big round number, but this is 20,000. Its a big deal. It's not like 13,000, 14,000, 17,000. And we may have just gotten a little too heated up about it last week, and you can see we are having a little bit of a pullback today. " Nvidia dropping after short-seller Citron Research tweeted that the chipmaker's stock was heading to $90 in the new year. Boeing fell after Delta Air Lines said that it had reached an agreement with the planemaker to cancel a $4 billion order for 18 Dreamliner aircrafts. Kate Spade surging on a report from the Wall Street Journal that the retailer is exploring a sale. European markets quiet in holiday trade. The major country indexes closing mostly higher.

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Largest drop in two months as Wall St rally loses steam

Wednesday, December 28, 2016 - 01:14