Stocks tumbled on Friday as the post-election rally fizzled and investors fretted over the path of interest rates. The Dow Jones Industrial Average lost 305.87 points, or 0.70%, to end at 43,444.99. The S&P 500 slipped 1.32% and closed at 5,870.62, while the Nasdaq Composite fell 2.24% to 18,680.12. Declines in pharmaceutical stocks weighed on the 30-stock Dow and broader S&P 500, with Amgen down about 4.2% and Moderna off by 7.3%.
“While we think the macro backdrop still bodes well for risk assets, in the near term we should expect some micro volatility, particularly around potential policy shifts under a new administration,” said Kristy Akullian, head of iShares investment strategy, Americas, at BlackRock. “We expect the U.S. equity market to continue to move higher, but don’t expect that rise to happen in a straight line.
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