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S&P, Dow lower as healthcare, bank stocks drag

The Dow and the Nasdaq still eked out record highs briefly after open


Wall Street new year rally pauses as healthcare, bank stocks fall

The benchmark 500 opened lower for the first time in 2018 on Monday, as losses in cut short Wall Street's strongest start to a year in a decade.

The and the last week recorded its strongest first four trading days in a year since 2006, and the Dow industrials posted its best since 2003.

"We had a strong market in the past week, and what generally happens in the first week sets the trend for the remainder of the year. Now that it's established, there could be some profit- taking," said Peter Cardillo, at in

At 9:41 a.m. ET (1441 GMT), the 500 was down 2.84 points, or 0.10 per cent, at 2,740.31.

The was down 31.55 points, or 0.12 per cent, at 25,264.32, and the Composite was down 4.19 points, or 0.06 per cent, at 7,132.37.

The Dow and the still eked out record highs briefly after open.

The dollar inched higher against a basket of peers with data showing that slower US jobs growth did little to dent expectations for further interest rate increases this year.

Comments by some Federal Reserve officials on Friday and over the weekend suggested the US central remained on track to raise interest rates in 2018.

"The dollar is reversing and we're seeing that effect due to some Fed comments," Cardillo said.

A stronger dollar tends to weaken revenue of US companies that earn much of its income from abroad.

Investors are waiting for earnings reports to see how much companies would benefit from the recent tax cuts. The fourth quarter earnings season will kick off later this week, starting with big banks.

of America, Goldman Sachs, and were down between 0.4 per cent and 1 per cent. Most big US lenders have estimated one-off charges to their fourth quarter earnings on account of tax cuts.

The fell 0.5 per cent and was the biggest decliner among sectors, led by 1.6 per cent drop in AbbVie's shares and a 1 per cent fall in UnitedHealth's.

climbed 0.9 per cent to open at a record high after upgraded the stock saying the tax overhaul could help construction business cycle to extend into 2018.

rose about 2 per cent after hiked its price target on the online retailer's stock.

Shares of climbed about 4 per cent after the graphics chipmaker announced partnership with and as its platforms expand into technology for self-driving cars.

slipped about 8 per cent after downgraded its stock to "equal-weight" on concerns about slowing advertising revenue in 2018.

Declining issues outnumbered advancers on the NYSE by 1,659 to 971. On the Nasdaq, 1,711 issues fell and 860 advanced.

First Published: Mon, January 08 2018. 22:35 IST