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Wall Street slips from record highs

Credit: Reuters Studio
Published on December 30, 2019 - Duration: 01:18s

Wall Street slips from record highs

Wall Street's major stock indexes slipped from record highs Monday as investors booked profits from gains made this month after the United States and China reached a trade deal.

Fred Katayama reports.

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Wall Street slips from record highs

Investors booked profits on the second to last day of what has been a most bountiful trading year.

Tech stocks led the broad-based pullback Monday.

The Dow and S&P 500 retreated from their record highs, with the indexes falling more than half percent.

Spartan Capital Securities chief market economist, Peter Cardillo: SOUNDBITE: SPARTAN CAPITAL SECURITIES CHIEF MARKET ECONOMIST, PETER CARDILLO (ENGLISH) SAYING: "It's a little bit of profit taking.

The markets registered new record highs basically on a daily basis for such a long time without pulling back and it was looking tired." Even solid economic news couldn't prop up stocks.

Pending home sales, a barometer of the health of the housing market, rebounded in November.

Also that month: U.S. exports grew, shrinking the U.S. trade deficit more than economists had projected.

And the White House's trade advisor said Monday a trade deal with China would likely be signed next week.

Class="kln">Tesla shares tumbled from their all-time high.

The electric car maker started delivering its mass market Model 3 sedans that were built at its Shanghai factory.

Shares of its smaller rival, Nio, jumped more than 40%.

Higher demand for its electric vehicles helped the Chinese auto maker post rising quarterly revenue that BEAT?

Analysts' estimates.

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