Wall Street’s major indexes had recently hit record highs on hopes for a hefty fiscal stimulus package. — Reuters pic
Wells Fargo, down 7.8 per cent, was among the biggest drags on the S&P 500, along with Exxon Mobil, down 4.8 per cent. Wall Street’s major indexes had recently hit record highs on hopes for a hefty fiscal stimulus package. “The weaker-than-expected economic data, and especially in parts of the economy like retail sales, is a big driver,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.
Exxon shares fell after a report said that the US Securities and Exchange Commission launched an investigation of the oil major, following a whistleblower’s complaint that it overvalued a key asset in the prolific Permian shale oil basin.