NEW YORK (AP) — U.S. stocks finished lower Thursday after an afternoon rally faded away. Banks and technology companies fell after the market pulled off a huge rally the day before.
Deutsche Bank dropped after German authorities raided its offices on suspicion some of its employees helped clients launder money. Financial stocks fell as interest rates again edged lower. Crude oil prices climbed after they briefly dipped under $50 a barrel overnight. The rebound helped energy stocks trade higher. Health care companies, which have climbed over the last month, continued to do better than the rest of the market.
The Federal Reserve released minutes from its meeting in early November. Officials expressed concerns about a variety of threats to the economy, including the impact of tariffs, a slowing global economy and tightening financial conditions amid falling stock prices. The assessment was in line with comments Wednesday from Federal Reserve Chairman Jerome Powell.
“That’s what the Fed is trying to put out there, is they haven’t gotten carried away with rate increases,” said Thomas Martin, portfolio manager at Globalt Investments in Atlanta. “The market wants to see … that they are going to be gradual.”
The S&P 500 index shed 6.03 points, or 0.2 percent, to 2,737.76. The Dow Jones Industrial Average recovered from a loss of 163 points and ended down just 27.59 points, or 0.1 percent, to 25,338.84.
The Nasdaq composite slid 18.51 points, or 0.3 percent, to 7,273.08 as tech stocks dipped. Smaller companies, especially banks and industrial stocks, fared worse. The Russell 2000 index of smaller-company stocks lost 5 points, or 0.3 percent, to 1,525.39.
The S&P 500 index was coming off its largest rally in eight months and has climbed 4 percent this week. It finished at a six-month low on Friday.
Benchmark U.S. crude rose