US stocks turned sharply lower in the final hour of trading as investors sold some of the rally’s biggest winners amid concern a spending package from Washington is not imminent.
The S&P 500 fell for the first time in eight trading sessions, with some traders citing comments from Senate Majority Leader Mitch McConnell saying stimulus talks are at a stalemate as a catalyst. The Nasdaq 100 fell for a third day. Treasury yields jumped before this week’s debt auctions and gold tumbled the most in seven years.
“There’s some profit taking going on, they’re looking to rotate into some of the stuff that hasn’t performed as well,” said Keith Gangl, portfolio manager for Gradient Investments.