U.S. stocks snap 3-day winning streak as investors turn defensive
U.S. stocks closed lower Thursday, ending a three-day winning streak. The S&P 500 finished 9 points, or 0.5%, lower at 1,917, led by losses in energy and healthcare stocks. Meanwhile, defensive plays like utilities and telecom gained ground, which underscored the nervousness lingering in the market. The Dow Jones Industrial Average finished down 41 points, or 0.3%, at 16,413. On the Dow, a surge in shares of International Business Machines Corp. were muted by a drop in Wal-Mart Stores Inc. and Goldman Sachs Group Inc. . The Nasdaq Composite finished 47 points, 1%, lower at 4,487.
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