STOCKS pared declines as energy shares trimmed losses with the price of crude, offsetting declines among financial and utility shares.
The Standard & Poor’s (S&P) 500 Index lost 0.1 percent to 2 037.32 points at 11:41am in New York, trimming losses of as much as 0.4 percent. The Dow Jones industrial average declined 0.2 percent to 17 587.96 points. Both gauges closed at all-time highs on Tuesday.
Exelon led utility shares in the S&P 500 lower as the US and China agreed on new carbon cuts to fight climate change. Bank shares slumped 0.8 percent after regulators in Europe and the US fined lenders from Citigroup to Bank of America to settle a probe into the rigging of foreign-exchange benchmarks.
“This is some normal profit-taking that happens after you have an extended move up in the market,” Marshall Front, chief investment officer at Front Barnett Associates in Chicago, said. – Bloomberg