(CNBC) — U.S. stocks fell on Monday as financials lagged, while a massive post-election rally eased, and investors kept an eye on surging oil prices ahead of a key OPEC meeting.
“I think the market is just taking a breather; investors are taking stock of where we’ve been,” said Randy Warren, CIO at Warren Financial. “There’s a lot of pessimism that the Trump rally is going to end, but I think there is no reason why it should.”
The Dow Jones industrial average fell about 50 points, with Visa contributing the most losses. The S&P 500 closed about 0.5 percent lower, with financials falling around 1.4 percent. The Nasdaq composite fell about 0.6 percent. The Russell 2000, which is composed of small-cap stocks, closed about 1.3 percent lower, snapping a 15-day winning streak, its longest in 20 years.