UPDATE: Dow snaps seven-session winning streak on tax-delay jitters
By Sue Chang and Anora M. Gaudiano, MarketWatch
Technology and industrials take the brunt of selloff
U.S. stocks closed lower Thursday in their worst session in two weeks with the Dow snapping a seven-day win streak on worries over a possible delay in much-anticipated corporate tax cut. However, main indexes trimmed losses after the House Ways and Committee approved a bill to overhaul the tax code, setting up a vote by the full House.
How did stock indexes fare?
The S&P 500 fell 9.76 points, or 0.4%, to 2,584.62 and the Dow Jones Industrial Average fell 101.42, or 0.4%, to 23,461.94. Both indexes logged their biggest one-day percentage drop since Oct. 25.
Technology stocks were among the biggest losers with the Nasdaq Composite Index down 39.07 points, or 0.6%, to 6,750.05, its biggest one-day percentage decline since Oct. 23.
A popular measure of implied volatility, as measured by the CBOE Volatility index , soared as much as 20%, but pared gains to be up 11% at 10.86, still below its historic average at around 19 but pointing to elevated levels of market anxiety.
What drove the market?