Updated from 7:42 a.m.
Stocks moved lower on Friday as the Dow Jones Industrial Average pulled back from its recent record and crude oil tanked the energy sector.
The Dow was flat, the S&P 500 fell 0.2%, and the Nasdaq declined 0.2%.
Banking stocks had lifted the Dow to new records as investors bet on reduced regulatory hurdles under a Donald Trump Administration. Financials including JPMorgan Chase (JPM) , Citigroup (C) and Wells Fargo (WFC) rallied over the past few days, but were pulling back on Friday. Banks' business operations were closed on Friday in honor of Veterans' Day, though trading remained open as normal.
The Dow closed at a new record on Thursday, though the Nasdaq plummeted in tumultuous trade in the wake of Tuesday's election results. Investors have stayed busy trying to gauge the types of policies president-elect Donald Trump could enact.
"The Trump news... hit a market that was reasonably solid and bounced," said Brad McMillan, chief investment officer for Commonwealth Financial Network. "You could take this as further evidence of the market's strength given that we just experienced an event that was expected to knock it down 5% to 10%, or even more, and instead it rallied. Clearly, there is solid demand for stocks at this point. Plus, as I continue to write, the fundamentals here in the U.S. remain sound."