U.S. stocks slumped on the last trading day of the year on Friday, led down by Apple and other big tech stocks, but major indexes still posted solid gains in 2016. Bobbi Rebell reports.
The final trading session of 2016 was a quiet one, with stocks finishing out the day in the red in part on weakness in technology stocks. The Dow came within 13 points of 20,000 in 2016, but did not break through that benchmark level. Still a very strong year for the U.S. financial markets, with the Dow adding more than 13 percent. The S&P climbing 9.5 percent. The Nasdaq up about 7.5 percent. Max Wolff of 55 Capital: SOUNDBITE: MAX WOLFF, MARKET STRATEGIST, 55 CAPITAL (ENGLISH) SAYING: "We think 2016 will be remembered as a pretty darn good year. It beat almost all the major expectations. We even had the events we had feared, and did well in the face of those. That is a lot of upward momentum. " Apple will trim production of iPhones by about ten percent in the first quarter of 2017, according to the Nikkei financial daily. The paper said it was because of accumulated inventory. Cabela's stock fell after the U.S. fishing and hunting equipment maker said the Federal Trade Commission wants more information about its proposed sale to Bass Pro Shops. Mylan rose after the drugmaker launched generic version of two drugs. European shares posted a small loss for the year, but the FTSE climbed to a record high on the last trading day of the year, with the other major country indexes also closing higher on Friday.