The S&P 500 financial index has gained 7.2 percent, industrials 4.1 percent and healthcare 2.9 percent since the US election on Tuesday, far outperforming other sectors.The S&P is on track to mark its best week since October 2014, despite the pull back on Friday."The market this week has been exceptionally strong and when you see a massive rally like this, it is perfectly normal to see some profit-taking", said Adam Sarhan, chief executive of 50 Park Investments.
The S&P 500 (.SPX) declined 0.14 percent to 2,164.45, weighed down by weakness in energy stocks. While the tech-heavy Nasdaq has pulled back further firmly into negative territory, the Dow is holding on to a gain after reaching a new record intraday high.
On the US economic front, the Labor Department released a report before the start of trading showing a bigger than expected drop in initial jobless claims in the week ended November 5th.
The report said initial jobless claims fell to 254,000, a decrease of 11,000 from the previous week's unrevised level of 265,000. The Nasdaq composite lost 24 points, or 0.5 percent, to 5,184. Economists had expected the index to inch up to 87.5.
Stocks are moving lower in midday trading on Wall Street as a post-election rally fades.
Considerable strength was also visible among electronic storage stocks, as reflected by the 2.9 percent gain posted by the NYSE Arca Disk Drive Index. "Nonetheless, it may be viewed as added justification for next month's expected interest rate hike". The Dow Jones Industrial Average gained 39.78 points, or 0.2%, to 18,847.66, and gained 5.4% over the week. The broader Topix index closed 0.14 percent higher at 1,378.28.
Nvidia (NVDA.O) jumped 30 percent, helping keep the Nasdaq in positive territory after the graphic chip maker reported its biggest quarterly revenue growth in more than six years. Japan's Nikkei 225 Index edged up by 0.2 percent, while Hong Kong's Hang Seng Index slumped by 1.4 percent.
The major European markets have also turned mixed over the course of the trading session.
On a light day on the economic front, final data from Destatis showed that German consumer inflation climbed an annual 0.8 percent in October, a two-year high and faster than the 0.7 percent rise seen in September.
Advancing issues outnumbered declining ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 2.36-to-1 ratio favored advancers.