U.S. Stocks Decline; Oil Falls While Dollar Gains: Markets Wrap

By Cecile Gutscher and Claire Ballentine

U.S. stocks fell for a second day after Wells Fargo & Co. dragged down the banking sector in the wake of disappointing fourth-quarter results. Crude oil declined from a 10-month high as the dollar strengthened.

The energy and financial sectors led the S&P 500 lower, with Exxon Mobil Corp. dropping more than 5% after a report said the company is being investigated for overvaluing assets. Utilities and real estate shares rose. Stocks were already lower in Europe and Asia as President-elect Joe Biden’s much-anticipated $1.9 trillion Covid-19 relief plan came under scrutiny. Treasury yields declined.

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