Gains in tech stocks couldn't offset a drop in healthcare shares. Fred Katayama reports.
Wall Street drifted lower Monday. A rally in technology stocks on this Columbus Day holiday couldn't offset a drop in healthcare shares. Schroders investment strategist Jonathan MacKay. SOUNDBITE: JONATHAN MACKAY, INVESTMENT STRATEGIST, SCHRODERS, (ENGLISH) SAYING: "It's a pseudo holiday. The bond market is closed today so you probably have fewer market participants. You have the jobs report on Friday which was it's difficult to say whether we should take it seriously because it was affected by the hurricane. So I think people are trying to understand what to take away from that if anything at all. Tesla fell. The electric car maker delayed the unveiling of its big rig truck until November. General Electric shares the biggest drag on the S&P. The industrial conglomerate gave the co-founder of activist investment firm Trian a board seat. Viacom slipped. Citigroup downgraded the shares of the media giant to "sell" from "neutral." In Europe, shares rose, pushing the DAX to a record high. But the FTSE inched just below break-even.