Business

Bank stocks weigh on Wall Street

NYSE traders Image copyright Getty Images

US stock markets finished lower on Tuesday as bank and healthcare shares saw some of the biggest falls.

The Dow Jones Industrial Average index shed 58.96 points to 19,826.77, with JP Morgan and Goldman Sachs the two biggest fallers.

Pfizer and Merck also dropped, after comments from Donald Trump that he would target drug pricing.

The S&P 500 fell 6.75 points to 2,267.89 and the Nasdaq was off 35.39 points at 5,538.73.

Analysts said sectors whose shares had risen strongly since Mr Trump's election victory were among the main fallers.

The S&P 500 bank index fell 3.4%, having previously risen about 25% since the 8 November vote on hopes Mr Trump's regulatory and fiscal policies would boost the sector.

Retail giant Walmart was the biggest riser on the Dow Jones, up 1.9%, after the company said it would create 10,000 US jobs through opening or remodelling 59 stores.

On the currency markets, the dollar was down 0.8% against a basket of major currencies after comments from the president-elect in the Wall Street Journal.

Mr Trump said US firms could not compete with China "because our currency is too strong. And it's killing us".

Oil prices fell back after initial gains, with Brent crude trading 0.6% lower at $55.53 a barrel, and US crude down 0.3% at $52.51 a barrel.