Wall Street ends flat as financials' rise offsets tech drop
US stocks closed little changed on Monday after rising dramatically the week before and a decline in the technology sector offset a steep rise in financial stocks as investors bet on higher interest rates. After choppy trading late in the session, the Dow ended at a record high while the S&P 500 and the Nasdaq Composite dipped. "I think all we're doing is trimming our sails a little from the violently positive rally we had post-election results last week," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
The tech-heavy Nasdaq Composite has been under pressure since the November 8 election as investors poured money into sectors such as financials, industrials and energy, which are seen benefiting from President-elect Donald Trump's policies. The financial index rose 2.3 percent, with banks including Bank of America JPMorgan providing the biggest boost. The index has risen 10.8 percent since the election on hopes of deregulation and higher interest rates. While the financial rally gained steam, the S&P technology index closed down 1.7 percent, leading the decliners. The index has fallen 3 percent since the election.
US stocks closed little changed on Monday after rising dramatically the week before and a decline in the technology sector offset a steep rise in financial stocks as investors bet on higher interest rates. After choppy trading late in the session, the Dow ended at a record high while the S&P 500 and the Nasdaq Composite dipped. "I think all we're doing is trimming our sails a little from the violently positive rally we had post-election results last week," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. 
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