(Reuters) – U.S. stocks fell broadly on Thursday, giving back a chunk of the previous day’s big rally, as fresh concerns arose about the U.S. economy with a measure of consumer confidence dropping by the most in more than three years.
The pullback on the heels of Wednesday’s huge advance, which featured the Dow Jones Industrial Average’s first-ever 1,000 point daily surge, was led by the technology stalwarts that have also been under some of the greatest selling pressure since late summer. Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Alphabet Inc (GOOGL.O) all fell by 2 percent or more.
In a sign some consumers are getting nervous about the economy amid volatile stock markets and the partial shutdown of the U.S. government, the Conference Board’s consumer confidence index dropped to a five-month low in December and came in weaker than even the lowest economists’ estimate in a Reuters poll.
“While retail sales have been very strong, consumer confidence has ticked down here and that could continue unless there is progress made on trade, in the U.S. budget battle and certainly central bank’s policy,” said Bryan Reilly, a managing director in the Boston office of CIBC Private Wealth Management.
A drop in oil prices led to a 2.58 percent slide in the energy index .SPNY, while technology .SPLRCT, consumer discretionary .SPLRCD and communication services .SPLRCS sectors tumbled more than 2 percent.
At 11:16 a.m. ET the Dow was