By Nov 30 Reuters The SP 500 index ended lower on Monday as investors took profits following a sharp rally in recent weeks that led to the benchmarks best November ever.
Nine out of 11 of the major SP 500 sectors fell, with the energy index tumbling 5.4 and leading losses, tracking a drop in crude prices.
The SP 500 technology index rose 0.7, thanks in part to a 2.1 rise in Apple Inc shares.
IHS Markit jumped 7.4 after data giant SP Global agreed to buy the financial information provider in a 44 billion deal that would be the biggest corporate acquisition of 2020.
Monthend rebalancing of portfolios played into Mondays weakness, analysts said, as investors cashed in on gains after a strong month marked by updates of COVID19 vaccines making headway and hopes of a swift economic rebound next year.
A rotation into energy, industrials and financials, all expected by many investors to outperform as the economy recovers from its downturn, drove gains of almost 11 for the SP 500 in November and helped the Dow Jones Industrial Average make its biggest monthly gain since 1987.
I would attribute Mondays drop to compounding concerns over the coronavirus, combined with the market just looking to digest some of the recent gains over the past month, said CFRA Chief Investment Strategist Sam Stovall.
When you sprint and get out of breath, you have to slow down to catch your breath.
After an explosion in infections and business restrictions this month that stalled the U.S. labor…
