Friday's early afternoon trade: S&P, Nasdaq set to snap two-day losing streak

The S&P 500 and the Nasdaq rose for the first time in three days, supported by gains in technology and health stocks, but Dow slipped after a rally in bank stocks paused. Major Wall Street indexes have hit a series of record highs over the past three weeks, sparked by Donald Trump's victory in the US presidential election as investors bet that his policies would be market friendly.
The rally was led by bank and industrial sectors, which are likely to benefit from simpler regulations and higher fiscal spending. The S&P 500 financial index has risen 13 percent since the November 8 vote, while industrials rose 7.5 percent. In contrast, defensive sectors such as utilities and consumer staples as well as technology stocks have struggled. Health stocks, which surged in the days following the vote, have since shed most of their gains.
However, the S&P 500 technology and healthcare sectors saw a change in fortunes on Friday, giving the broader index its biggest boost. Financials fell 1.14 percent, the biggest losers, while industrials were flat. Goldman Sachs fell for the first time in four days, weighing the most on the Dow, while Bank of America, Citigroup and Wells Fargo were the top drags on the S&P.
"The move in financials is nothing more than people taking some profits after a strong run," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. At 12:30 am ET the Dow Jones industrial average was down 19.94 points, or 0.1 percent, at 19,171.99. The S&P 500 was up 2.22 points, or 0.1 percent, at 2,193.3 and the Nasdaq Composite was up 9.55 points, or 0.18 percent, at 5,260.66. Eight of the 11 major S&P 500 sectors were higher, led by gains in real estate and utilities.