Claire HunteThe stock market plunged in earlier trading on Friday as news that former national security adviser, Michael Flynn agreed to cooperate with the Russia probe put the brakes on a recent rally streak. The market pared earlier losses by close after Senate leader Mitch McConnell confirmed the tax bill had the required votes to pass. Flynn pleaded guilty to lying to the Fed.
“This Flynn thing threw everything for a loop. We had that still against the backdrop of tax reform,” said J.J. Kinahan, chief market strategist at TD Ameritrade in Chicago was quoted in Reuters. “We are at all-time highs so sometimes when you do get news that’s of a nature where people want to sell, it gets a little bit overdone,” Kinahan said.
The Dow Jones industrial average dropped 40 points or -0.17% to close at 24,231.59 leading the decliners were Boeing down -1.97%, General Electric dropped -2.24% and Visa fell -1.70%. The S&P 500 slipped 8 points or -0.21% and NASDAQ slumped 33 points or -0.49%. Gains were made in typically defensive stocks of energy, telecoms and real estate. Apache Corp up +5.71% and Mylan up +4.35% led the winners on the S&P 500 while Mattel fell -5.42% and Ulta Beauty -4.12% led the laggards. Gold rose +0.50% to $1,283.1 per ounce and the dollar strengthened as tax bill looks likely to pass.
- Dow 24,230.29 -0.17%
- S&P 500 2,642.10 -0.21%
- NASDAQ 6,847.59 -0.38%
- Russell 2000 1,534.84 +0.61%
- NYSE Composite 12,604.24 -0.19%
- Gold 1,283.1 +0.50%
- Oil WTI $58.26 +1.48% (3:53PM EST)
- 10-Year Treasury 2.36 +0.42%