Wall Street Ends Lower on F.B.I. Inquiry about Hillary Clinton Email.

Wall Street Ends Lower on F.B.I. Inquiry about Hillary Clinton Email.

Stocks, which had been up after the government said the economy grew last quarter at its fastest pace in two years, closed lower Friday after the FBI said it would review more emails in the case related to Hillary Clinton's use of a private email server while Secretary of State, injecting fresh uncertainty into the presidential race.

Source: Google Finance/Screenshot by NPR

The news unnerved investors. Wall Street had been pricing in a win for front-runner Clinton,
but the latest broadside to the Democrat's campaign could potentially boost Trump's chances when voters go to the polls in 11 days.

The early climb was led by industrial, energy and technology companies, which would stand to benefit most from a pickup in economy. But the gains disappeared after the F.B.I. made its announcement. Mrs. Clinton has led in recent polls, and the surprise development added new uncertainty just a week and a half before the presidential election.

“I think the betting has to be that there’s nothing too damning, but we don’t know,” said Brad McMillan, chief investment officer for Commonwealth Financial Network.

The Dow Jones industrial average closed down 8.49 points, less than 0.1 percent, at 18,161.19. The index was 80 points higher shortly before the new inquiry was disclosed, then went down as much as 74 points in the minutes that followed.

The Standard & Poor’s 500-stock index dipped 6.63 points, or 0.3 percent, to 2,126.41. The Nasdaq composite slid 25.87 points, or 0.5 percent, to 5,190.10.

Health care companies took the biggest losses by far. The prescription drug distributor McKesson plunged to a three-year low after its revenue fell about $1.5 billion short of estimates. The company slashed its annual outlook because of weaker drug prices, and investors worried that McKesson and its rivals would compete by making bigger cuts in prices.

McKesson tumbled $36.39, or 22.7 percent, to $124.11. One of its competitors, AmerisourceBergen, lost $10.36, or 13 percent, to $69.14, while Cardinal Health shed $7.30, or 9.8 percent, to $67.50.

The stock market has recovered some since the email news, but it's a sign of what we could see in the next 11 days — namely, more October (or November) surprises affecting not only poll numbers but maybe even inching people's 401(k)s higher or lower.