Stocks Fall, Reversing Gains After Record Surge: Markets Wrap
- Energy, materials shares lead market lower, Treasuries rise
- Citi’s plans for tax windfall considered big win for investors
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U.S. stocks sank, retreating from all-time highs as commodities producers and industrial shares took a hit with oil and metals in decline. Treasuries rose amid Congressional talks to avert a government shutdown Friday.
All major equity gauges were lower. The Dow Jones Industrial Average fell almost 300 points from its intraday high of 26,086.12 after blowing past the round-number milestone early in the session. The S&P 500 Index’s drop left it more than 1 percent lower than its session high. The dollar was little changed after an earlier gain.