Stocks fell Monday amid political uncertainty and a decline in energy shares. Fred Katayama reports.
U.S. stock prices falling Monday as political uncertainty hovered over Wall Street. Energy shares leading the list of decliners. Oil prices fell as the dollar climbed, and ample U.S. supplies outweighed output curbs by OPEC. Russell Investments' Stephen Wood says stock prices are too high. SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS, (ENGLISH) SAYING: "It's an expensive market for 2016. It got even more expensive post-election. Right now, the policy implementation from Washington is pricing in almost perfection. The earnings rally would need to be very very significant to justify these current valuations, so right now we think there's more probability for a downside movement 'cuz there could be a bit of a disappointment with what's happening in earnings at these valuations." Investors concerned by President Trump's focus on isolationist policies. Nearly 100 companies, including tech giants Apple, Alphabet and Facebook, together filed a legal brief opposing Trump's Muslim travel ban. They argue it harms American business. Energy shares leading the list of decliners. Oil prices fell as the dollar climbed and ample U.S. supplies outweighed output curbs by OPEC. Helping drive the S&P 500 higher: Hasbro. A huge spike in sales of girls' toys led by the Disney princess dolls pushed quarterly profit and revenue higher. Hasbro bucked the weak holiday sales trend. Tiffany shares lost some of their sparkle. The upscale jeweler's CEO stepped down after the company issued disappointing financial results. Tyson Foods shares fell. The chicken processor said it received a subpoena from U.S. securities regulators that likely stems from allegations it had conspired with rivals to fix chicken prices. In Europe, disappointing earnings from Deutsche Bank and Danish drugmaker Novo Nordisk pushed shares lower.