STOCKS DROP: Here's what you need to know

Upside down house

(Reuters/Peter Andrews)

The Dow Jones Industrial Average had its steepest drop in two weeks on Wednesday, pushing the index further away from the 20,000 milestone. It rallied to within 19 points of the record level in early trading before sliding into the market close.

Here's the scoreboard:

• Dow: 19,833.68, -111.36, (-0.56%)

• S&P 500: 2,249.92, -18.96, (-0.84%)

• Nasdaq: 5,438.56, -48.89, (-0.89%)

• 10-year yield: 2.51%, -0.053

1. Kate Spade is looking to sell itself. According to The Wall Street Journal, the retailer is working with investment banks after a hedge fund pressured its board to consider a sale.

2. Citron Research has a new target for the new year: Nvidia Corporation. The short-selling firm tweeted that shareholders are discounting six risks for 2017, and that the stock is heading to $90.

3. The number of homes closed on but not yet sold came in below expectations for the month of November. Pending home sales fell 2.5% as the sudden rise in mortgage rates discouraged some buyers.

Additionally:

The "golden years" of New York City's luxury real estate market are over

DEUTSCHE BANK: 'Globalization is under siege'

The 27 best startups that launched this year

Here's what we think will happen in geopolitics in 2017

Apple CEO Tim Cook calls AirPods 'a runaway success,' says 'we're making them as fast as we can'

NOW WATCH: Watch Yellen explain why the Federal Reserve decides to raise rates

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