At the close of trade, the Dow Jones Industrial Average index fell 207.68 points, or 0.61%, to 33,949.01. The S&P500 index was down 46.14 points, or 1.11%, to 4,117.86. The tech-heavy Nasdaq Composite Index decreased by 203.27 points, or 1.68%, to 11,910.52.
Among individual stocks, Alphabet Inc shares sank 7.7% after its new AI chatbot Bard delivered an incorrect answer in an online advertisement.
CVS Health Corp ended up 3.5% after its $9.5 billion cash buyout offer for Oak Street Health Inc. Oak Street Health shares rose 4.6%.
ECONOMIC NEWS: Wholesale inventories in the U.S. edged slightly higher in the month of December, according to a report released by the Commerce Department. The Commerce Department said wholesale inventories inched up by 0.1% in December after climbing by 0.9% in November. A 0.9% increase in inventories of durable goods was largely offset by a 1.2% slump in inventories of non-durable goods. Meanwhile, the report said wholesale sales were virtually unchanged in December after tumbling by 1.4% in the previous month. While sales of durable goods jumped by 1.0% during the month, sales of non-durable goods decreased by 0.9%. With inventories and sales both little changed, the inventories/sales ratio for merchant wholesalers was unchanged at 1.36 in December.
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