Stocks finish the day lower; Dow drops after Trump says he wouldn’t run for re-election

The S&P/TSX Composite dropped 70 points or 0.42 percent to finish trading at 17,495.83 at market close. The loonie was flat at C$1.3156.

“Both the bourses were up this morning, but the U.S. election went the way the market expected,” said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York. “I would say it was not a bad day.”

Jeffrey Saut, chief investment strategist at Raymond James, said investors have grown increasingly confident about the U.S. economy and have also become more tolerant of some areas of economic uncertainty.

“A little bit of a relief rally was the feeling,” he said.

The Dow Jones Industrial Average was down 118 points or 0.48 percent to 23,801 at 9:35 a.m. ET.

The S&P 500 was down 11 points or 0.39 percent to 2,638.

The Nasdaq Composite was down 40 points or 0.67 percent to 7,391.

The CBOE Volatility Index, Wall Street’s main barometer of expected near-term volatility in the S&P 500, was down 4.9 points at 10.01.

Four of the 11 major S&P sectors were higher, led by a 0.91 percent gain in the financial index, which is sensitive to changes in interest rates.

Weakness in shares of financial companies caused losses in the broad-based S&P. BofA Merrill Lynch also cut its year-end forecasts for the largest U.S. banks to reflect continued uncertainty over the economy and the future level of interest rates.

General Electric declined 5.69 percent to $11.17 after Jefferies downgraded the stock to “hold” from “buy.”

The consumer staples sector was the biggest gainer among the 11 major S&P sectors, boosted by an 0.96 percent rise in shares of Dollar Tree Inc.

Declining issues outnumbered advancers on the NYSE by 1,878 to 1,021. On the Nasdaq, 1,658 issues fell and 1,207 advanced.

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