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S&P, Nasdaq end lower

Monday, December 04, 2017 - 01:06

Wall Street ended mixed Monday. As Fred Katayama reports, the Dow closed at a record high, but tech stocks dragged the S&P and Nasdaq lower.

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The Dow soared to a new highs Monday after the Senate passed its version of the tax cut bill over the weekend. The tax package also drove stocks sharply higher in Europe. But a late day selloff in tech stocks dragged the S&P and Nasdaq into the red. TD Ameritrade chief market strategist JJ Kinahan: SOUNDBITE: JJ KINAHAN, CHIEF MARKET STRATEGIST, TD AMERITRADE, (ENGLISH) SAYING: "It's beyond just the tax cuts themselves. It's also symbolic that Congress can actually get something done. So I think combined, it's sending a nice message." CVS shares fell. They were among the top decliners on the S&P. The drugstore chain operator is buying health insurer Aetna for $69 billion. It's the year's biggest acquisition. Aetna rallied. Facebook shares among the big tech stocks losing ground. It unveiled Messenger Kids, an app that lets kids under 13 communicate with each other. Blue Apron shares jumped. Barclays upgraded the stock of the meal-kit company to "equal weight" from "underweight" and raised its price target.

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S&P, Nasdaq end lower

Monday, December 04, 2017 - 01:06