Tech, bank stocks slow advance
Falling technology and financial stocks pulled U.S. indexes back from the edge of record highs on Friday. Bond yields gave up some of their big gains from the last few days, and the dollar downshifted from its sharp climb against other currencies.
The Standard & Poor’s 500 index fell 3.96 points, or 0.2 percent, to 2,258.07. It had wobbled up and down through the day, never rising by more than 0.3 percent or falling by more than 0.3 percent.
The Dow Jones industrial average fell 8.83 points, or less than 0.1 percent, to 19,843.41. The Nasdaq composite fell 19.69, or 0.4 percent, to 5,437.16 after climbing above its record closing level earlier in the day.
Friday’s moves close a week where stocks slowed their sharp ascent since last month’s presidential election.
Financial stocks in the S&P 500 fell 0.9 percent. Bank of America fell 50 cents, or 2.2 percent, to $22.66, and Regions Financial fell 32 cents, or 2.2 percent, to $14.20.
Technology stocks in the S&P 500 fell 0.8 percent. Software giant Oracle fell $1.76, or 4.3 percent, to $39.10 after reporting revenue for its latest quarter that fell short of analysts’ expectations.
Chipotle Mexican Grill jumped $9.72, or 2.5 percent, to $392.07.
Crude oil rose $1 to settle at $51.90 a barrel in New York. Brent crude, the international standard, rose $1.19 to close at $55.21 a barrel in London. Natural gas slipped nearly 2 cents to settle at $3.415 per 1,000 cubic feet, wholesale gasoline rose 1.5 cents to $1.56 a gallon and heating oil rose 3 cents to $1.67 a gallon.