Stock Market

US equities turn negative as telecoms and utilities sectors sank deep

The stock market in the United States has ended its streak of wins after finishing in the red zone on Tuesday as shares of telecoms and utilities went down while the euphoria brought by the highly-anticipated GOP tax bill has been carried with the dust.

Shares from the technology sector bounced back from a major selloff on Monday but was not enough to lift Wall Street in the winning side as telecoms and utilities sectors gave up 1.2% and 1.8% respectively, with Toll Brothers, PulteGroup Inc., and Lennar Corp contributing the biggest losses.

The S&P 500 suffered its third straight slide after falling 0.4%, or 9.8 points, to closet at 2 629.57 while the tech heavy NASDAQ Composite index slipped 0.2%, or 13 points, to settle at 6 762.21 despite a modest surge from Amazon Inc.

The blue chip Dow Jones Industrial Average index was sent crashing back to earth after a 110-point decline, or 0.5%, to end at 24 180.64 as 21 of its 30 companies finished in the negative territory, with shares of famous media and entertainment conglomerate, Walt Disney Inc. leading the loss with more than 2% drop.

In the past few days, investors were able to steer the Wall Street to a series of gains, with the Dow index reaching its all time high and breaking the 24-000 threshold, as the Senate approved the GOP tax bill, which will cut the corporate tax from 35% to 20%.

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