S&P 500, Dow drop as big banks fall after results

REUTERS: Wall Street's main indexes fell on Friday as incoming President Joe Biden's US$1.9 trillion stimulus plan sparked fears of an increase in taxes, while investors parsed quarterly reports from major U.S. lenders.

Wall Street's main indexes are set to wrap up the week slightly lower after climbing to record highs recently, driven by growth-sensitive cyclical stocks on bets of a hefty fiscal package and optimism about vaccine distribution.Six of the 11 major S&P sectors fell with energy, financials, industrials posting the steepest declines.

At 9:50 a.m. ET, the Dow Jones Industrial Average fell 115.05 points, or 0.36per cent, to 30,876.47, the S&P 500 lost 9.71 points, or 0.26per cent, to 3,785.83 and the Nasdaq Composite gained 15.61 points, or 0.12per cent, to 13,128.32. Walmart Inc declined about 2per cent after Chief Executive Officer of U.S. e-commerce Marc Lore will be stepping down from his role at the end of the month.

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