S&P 500 eases from record level as financials, industrials weigh

The U.S. flag is seen on a building on Wall St. in the financial district in New York
FILE PHOTO: The U.S. flag is seen on a building on Wall St. in the financial district in New York, U.S., November 24, 2020. REUTERS/Brendan McDermid

January 8, 2021

(Reuters) – U.S. stocks lost momentum on Friday with the S&P 500 easing from record levels as losses in financials and industrials intensified after surging this week on hopes for further economic aid under a Democrat-controlled Congress.

The tech-heavy Nasdaq, however, climbed on a boost from sharp gains in Tesla Inc and Baidu Inc.

At 01:32 p.m. ET the Dow Jones Industrial Average fell 172.61 points, or 0.54%, to 30,868.52, the S&P 500 lost 7.19 points, or 0.19%, to 3,796.60, and the Nasdaq Composite gained 27.47 points, or 0.21%, to 13,094.97.

(Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta)