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Wall Street drifts lower on last trading day of 2017

Apple declined 0.8% after issuing a rare apology for slowing older iPhones with flagging batteries

Reuters 

Wall Street's response to the Fed's tapering plan has so far been muted as a weaker dollar spurs optimism about developing-world assets.	 Photo: Reuters
Wall Street's response to the Fed's tapering plan has so far been muted as a weaker dollar spurs optimism about developing-world assets. Photo: Reuters

A slide in and Goldman Sachs' shares pulled lower on the last trading day of 2017, in what has been a banner year for

declined 0.8 per cent after issuing a rare apology for slowing older iPhones with flagging batteries.

fell 1.27 per cent after the said its fourth-quarter earnings would take a $5 billion hit related to the tax overhaul.

"By all accounts we know 2017 has been a great year in the markets," said Arian Vojdani, strategist at in Bethesda,

"The market is rich (in valuation) as of now and if prices and earnings continue to converge, I wouldn't be concerned."

U. S. indexes hit a series of record highs in 2017, riding on strong economic growth, solid corporate earnings and low interest rates.

The benchmark 500 has surged 20 percent this year, while the blue-chip Dow has gained more than 25 percent and the tech-heavy Nasdaq about 29 percent. All three indexes are on track for their best performances since 2013.

The market has also shown surprising strength despite tensions in and political upheavals in The has closed below 1 percent only four times this year.

Among sectors, the has been the best performer, rising about 37 percent and outpacing gains in the broader index.

Telecom services and are the only two sectors to end the year in the red.

The rally is widely expected to extend into 2018, boosted by gains from a new law that lowers the tax burden on U.

S. corporations.

At 10:58 a.m. ET (1558 GMT), the was down 34.31 points, or 0.14 percent, at 24,803.2 and the 500 was down 2.85 points, or 0.11 percent, at 2,684.69.

The was down 18.17 points, or 0.26 per cent, at 6,931.99.

Seven of the 11 sectors were higher on Friday, led by 0.35 per cent gain in the consumer staples index.

Altria, and Philip Morris, gained between 0.7 per cent and 1 per cent in thin holiday trading ahead of the New Year.

slipped 0.6 percent after targeted the in a call for the country's postal service to raise prices of shipments in order to recoup costs.

Declining issues outnumbered advancers on the NYSE by 1,384 to 1,323. On the Nasdaq, 1,453 issues fell and 1,307 advanced.

First Published: Fri, December 29 2017. 23:02 IST
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