U.S. equities traded mixed on Thursday as investors repositioned their portfolios following the presidential election.
"Equities are adjusting to change and uncertainty with a Trump presidency," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "There still needs to be more clarity and that's going to impact equity prices."
The Nasdaq composite underperformed, briefly falling 2 a percent as the
"These are expensive stocks that don't like higher interest rates. These have been the leaders and the leaders are getting whacked," said Peter Boockvar, chief market analyst at The Lindsey Group. He said that FANG stocks "don't like higher interest rates because higher interest rates exposes things that are overvalued."
The S&P 500, gyrated between gains and losses, holding about 0.4 percent higher, with financials rising 3 percent to lead advancers. Bank stocks rose, with the