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US stocks drop on eve of Trump inauguration

Wall Street stocks dropped Thursday in the final session before the inauguration of US President-elect Donald Trump.

Some analysts blamed heightened uncertainty among investors about Trump, including over his comments this week that the US dollar was too high.

But others said investors are simply adopting a more realistic view about the likely pace change in Washington after overblown hopes for speedy tax cuts and spending sparked a massive post-election rally.

"The market is coming to the realization that post election we had a pretty significant run," said Art Hogan of Wunderlich Securities. "There's the realization we may well see pro-growth and pro-business policies moving forward, but it's going to take time."

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The Dow Jones Industrial Average fell 0.4 percent to 19,732.40.

The broad-based S&P 500 also lost 0.4 percent ending at 2,263.69, while the tech-rich Nasdaq Composite Index shed 0.3 percent to 5,540.08.

Tesla Motors climbed 2.3 percent after US auto safety regulators concluded that there was no defect in the electric car maker's "Autopilot" system in use in a fatal May 2016 crash in Florida.

Western Union lost 3.3 percent after it reached an agreement to pay $586 million to settle a US criminal probe that it failed to set up an adequate anti-money laundering program and looked the other way when employees collaborated with fraudsters.

Netflix rose 3.9 percent after it added seven million new subscribers in the fourth quarter and lifted profit 55 percent to $66.7 million in results that bested expectations.

Railroad company CSX shot up 23.4 percent on speculation it could be acquired after rival Canadian Pacific announced that chief executive Hunter Harrison was stepping down and would pursue "opportunities involving other Class 1 Railroads."