(Bloomberg) -- U.S. stocks slid on the last trading day of 2016 as losses in tech shares and discretionary companies weighed on the market. For the year, the S&P 500 climbed 9.5 percent, while the Dow Jones Industrial Average surged 13.4 percent for its best rally since 2013.
The S&P 500 dropped 0.5 percent Friday to 2,238.83 at 4 p.m. in New York, capping a weekly decline of 1.1 percent. The Dow Jones Industrial Average lost 57 points to 19,762.60.
- Nine of 11 sectors lower with financial stocks up 0.2%
- VIX advanced for sixth straight session to highest level since Dec. 2
- The U.S. benchmark has outperformed those of Europe, Japan and China this year on the back of a rally in energy producers, banks and other cyclical industries investors see benefiting from an accelerating economy and fiscal stimulus
- The S&P 500 climbed for the fourth out of five years, after last year's decline
- The Dow has failed to reach the 20,000 level after closing within 30 points of it last week
- For the past five years, the S&P 500 Index has reversed direction in the first week of January from the last week of December, as year-end issues from tax liability to reporting deadlines prodded some U.S. investors to delay moves to the new year; benchmark is down 0.6% this week through Thursday
- EARNINGS: none
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- European Stocks Trim 2016 Decline as FTSE 100 Closes at Record
- World's Best Stock Rally This Year Was Really Just an Illusion
To contact the reporter on this story: Oliver Renick in New York at orenick2@bloomberg.net. To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Beth Mellor, Brad Olesen
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