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summarize the below article in one short paragraph: Stocks End Winning Streak Decline in tech and consumer-staple shares hits big indexes By Michael...
summarize the below article in one short paragraph:
U.S. Stocks End Winning Streak
Decline in tech and consumer-staple shares hits big indexes
By Michael Wursthorn and Riva Gold
Updated Sept. 21, 2017 4:10 p.m. ET
U.S. stocks fall, snapping Dow industrials, S&P 500 win streaks
Technology and consumer-staple stocks lead declines
European, Asian shares rise slightly
The Dow Jones Industrial Average and the S&P 500 ended a streak of record closes Thursday, as investors took stock of the Federal Reserve's renewed commitment to raise interest rates again this year.
Eight of the 11 major S&P 500 sectors ended the day lower, with the steepest declines among technology and consumer-staples shares.
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Some investors and analysts attributed the stall in the stock market to uncertainty after the Fed suggested Wednesday that it could raise interest rates for the third time this year in December. A streak of soft inflation data recently had made some investors skeptical the Fed would raise rates again in 2017. That the central bank signaled otherwise caught some off-guard, portfolio managers said.
"The market is sorting through to what extent it needs to incorporate future Fed activity into its thinking," said Mike Allison, a portfolio manager with Eaton Vance. "There's some uncertainty as to the impact since interest rates have been so low for so long."
The Dow industrials fell 53.36 points, or 0.2%, to 22359.23—ending the blue-chip index's run of nine consecutive sessions of advances.
The S&P 500 slipped 7.64 points, or 0.3%, to 2500.60, the index's first day of losses following four straight sessions of gains. The tech-heavy Nasdaq Co mposite fell 33.35 points, or 0.5%, to 6422.69.
Consumer-staples companies were among the S&P 500's biggest decliners, falling nearly 1%. Beauty-products maker Coty fell 65 cents, or 3.9%, to $16, while Procter & Gamble fell 1.76, or 1.9%, to 92.64.
Technology stocks, among the best performers in the S&P 500 for 2017, also came under pressure. Apple fell 2.68, or 1.7%, to 153.39, extending the company's declines since it acknowledged problems with cellular connectivity in its newest smartwatch.
Apple is down 4.6% since rolling out its latest slate of iPhones and other products last week, putting it on track for its worst performance from a product-announcement date to a release date since it launched the iPhone 5s in 2013.
Even with Thursday's declines, U.S. stocks remained near their all-time highs. Some investors said they are now looking ahead to any policy developments in Washington that could provide further direction for the stock market.
"I think imminently we will start to price in a tax cut or tax reform," said Eddie Perkin, chief equity investment officer at Eaton Vance. "Now is a time to be selling what has worked this year and buying what has lagged," he said, adding that he is preparing for a rotation out of technology and health-care stocks and into shares of banks and companies currently hardest hit by taxes.
Others say they will remain wary of the possibility of monetary policy hampering the stock rally. Low interest rates have helped keep U.S. stocks climbing since the financial crisis. A Fed that raises rates faster than the economy can support could cause the stock rally to stall, investors say.
"It seems like the Fed is on a modestly earlier time frame than we had thought," said Jason Pride, director of investment strategy for Glenmede Trust Co. "As with any policy-tightening scenario, you introduce the risk of a misstep due to the inability to measure the impact correctly."
Elsewhere, the Stoxx Europe 600 rose 0.2%, led by a 1.4% advance in bank stocks.
Japan's Nikkei Stock Average edged up 0.2% Thursdasy after the Bank of Japan left its policy unchanged Thursday, sticking to its huge stimulus program.