Tech, bank stocks dip after rally the day before
U.S. stocks finished lower Thursday after an afternoon rally faded away. Banks and technology companies fell after the market pulled off a huge rally the day before.
Deutsche Bank dropped after German authorities raided its offices on suspicion some of its employees helped clients launder money. Financial stocks fell as interest rates again edged lower. Crude oil prices climbed after they briefly dipped under $50 a barrel overnight. The rebound helped energy stocks trade higher. Health care companies, which have climbed over the last month, continued to do better than the rest of the market.
The Federal Reserve released minutes from its meeting in early November. Officials expressed concerns about a variety of threats to the economy, including the impact of tariffs, a slowing global economy and tightening financial conditions amid falling stock prices. The assessment was in line with comments Wednesday from Federal Reserve Chairman Jerome Powell.
Benchmark U.S. crude rose 2.3 percent to finish at $51.45 a barrel in New York. Brent crude edged up 1.3 percent to $59.51 a barrel in London.
Gold was little changed at $1,230.40 an ounce. Silver slipped 0.4 percent to $14.40 an ounce. Copper lost 0.9 percent to $2.79 a pound.