Closing Bell: Delta Drags on Airline Industry; U.S. Stocks Retreat From Records

Stocks fall in a broad pullback from a recent rally that pushed Wall Street to fresh records.

Author:: Keris Alison Lahiff
Publish date:: Mar 6, 2017 4:18 PM EST

Stocks fell in a broad pullback from a recent rally that pushed Wall Street to fresh records. Even so, the Dow Jones IndustrialAverage remains roughly 200 points from its all-time intraday high. Delta (DAL) - Get Report dragged on the industry after cutting its first-quarter margin guidance. The Atlanta-based airline said fuel costs had risen more quickly than expected, eating into its profit margins. Competitors United (UAL) - Get Report , JetBlue (JBLU) - Get Report and American Airlines (AAL) - Get Report were also lower. Valeant (VRX) slumped after announcing that it had used proceeds from a recent sale to pay down its senior secured term loans. The drugmaker successfully closed its sale of skincare products to L'Oreal last week. Goldman Sachs upped its rating on Garmin (GRMN) - Get Report to NEUTRAL from SELL. The firm said its valuation looks more attractive as consensus estimates appear to bottom out.