Wall Street loses ground, breaking a 9-day winning streak
NEW YORK (AP) — Stocks closed lower on Wall Street Monday, breaking a nine-day winning streak, as oil prices hit a four-year low after the OPEC+ group announced plans to increase output.
The losses came amid a relatively calm day of mostly mixed trading. They follow several weeks of gains that helped the market wipe away its losses since the ongoing trade war began.
The S&P 500 fell 36.29 points, or 0.6%, to 5,650.38. The decline broke the benchmark index’s longest winning streak since 2004.
The Dow Jones Industrial Average fell 98.60 points, or 0.2%, to 41,218.83. The Nasdaq composite fell 133.49 points, or 0.7%, to 17,844.24.
Technology companies and other big stocks were among the heaviest weights on the market. Apple slumped 3.1%, while Amazon fell 1.9% and Tesla slipped 2.4%.
Berkshire Hathaway fell 5.1%. Legendary investor Warren Buffett announced over the weekend that he would step down as CEO by the end of the year after six decades at the helm. Buffett will still be chairman of the board of directors.
The OPEC+ group of eight oil producing nations announced over the weekend that it will raise its output by 411,000 barrels per day as of June 1.