U.S. stocks fell on Wednesday, with healthcare and real estate shares losing ground a day after the Nasdaq and Dow hit record highs. Bobbi Rebell reports.
It was a close call but no Dow 20K on Wednesday. Despite coming within 15 points early in the session, the bellwether index fell back to close lower along with the other major US indexes. Since the election the Dow up about 9 percent and the S&P 500 6 percent on bets that President-elect Donald Trump's plans for deregulation and infrastructure spending will boost the economy. But Stephen Wood of Russell Investments says it is time for a break. SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, NORTH AMERICA, RUSSELL INVESTMENTS, (ENGLISH) SAYING: "Valuations are looking stretched and stretched with each passing day. We've been thinking for some months that valuations in some months are unattractive, and the rally we've seen since election day would add to that belief. So, it's not a negative call, it's not necessarily a bearish look out below call, but we think there is going to be tougher yards in 2016 than many people might suspect. " U.S. existing home sales rising to near a ten-year high in November. The National Association of Realtors data likely reflects buyers rushing into the market to lock in low interest rates ahead of expected increasing borrowing costs. FedEx stock falling after the package delivery company's quarterly results missed expectations. Goldman Sachs will pay a $120 million fine to resolve civil charges that it attempted to manipulate a global benchmark for interest rate products. In Europe, shares inched lower with the major indexes closing mostly to the downside.