A rally in the technology and consumer discretionary sectors eased a sharp selloff in the materials sector, fueled by the drop in oil prices, while a reading on U.S. consumer inflation came in above economists’ expectations. The Dow dropped 21 to 16,392, the S&P closed flat at 1,918 and the Nasdaq advanced 17 to 4,504.
As January goes, so goes the year. That Wall Street maxim does not bode well for US equities in 2016. The S&P finished with its tenth worst January on record, falling 5.1%, according to the Wall Street Journal’s Market Data Group.
The IPO market is floundering. Of the almost 175 companies that made their U.S. stock-market debuts in 2015, more than 70% are now trading below their IPO prices.
Listen in for much more in A Wall Street Wrap-up.
