NEW YORK (AP) -- Wall Street's three-day winning streak came to an end Thursday as investors, taking a second look at Tuesday's election results, questioned whether a Democratic Congress would be friendly to business.Another thing that may change, the trade deficit narrowed by the most in the last 5 years.
The losing session, which was also influenced by rising oil prices and a drop in consumer confidence, was to be expected after three days of gains that included a new closing high Wednesday for the Dow Jones industrials. Investors had driven stocks broadly higher this week on optimism that Democrats taking control of Congress would cause political gridlock that would be favorable to businesses.
But after more time to mull over the election, investors are starting to become concerned about an "anti-business stance" among Democrats in Washington, said John O'Donoghue, co-head of equities at Cowen & Co.
It may be an interesting 2 years to come.