U.S. stocks fell on Thursday, continuing to pull back from the post-election rally, on investor caution ahead of Donald Trump's inauguration as president on Friday. Bobbi Rebell reports.
Investors staying away from making risky bets ahead of Donald Trump's swearing in as president on Friday. The Dow marking its fifth day of losses. After hitting a series of record highs in a post-election rally, Wall Street has been trading in a tight range as investors look for more details on Trump's policies. Hennion and Walsh's Kevin Mahn: SOUNDBITE: KEVIN MAHN, CHIEF INVESTMENT OFFICER, HENNION AND WALSH (ENGLISH) SAYING: "I think once we get past these first 100 days, and we start to see some meaningful movement, whether it's related to infrastructure, whether it is related to healthcare. Whether it is related to something around the corporate tax code. I think, you could see the next leg up in this bull market. " Encouraging economic news. U.S. homebuilding rebounded more than expected in December. Another report showed weekly jobless claims fell to a 43-year low. Citigroup became the first-ever bank to get hit with civil "spoofing charges," after U.S. derivatives regulators said one of its units entered U.S. Treasury futures market orders with the intent of canceling them. The Commodity Futures Trading Commission said that Citigroup will settle the case without admitting or denying the charges and pay a $25 million fine. Turning to Europe: stocks closed lower in a choppy session.