Wall Street closes lower as banks, energy shares tumble

Wall Street closes lower as banks, energy shares tumble

"Financials and energy have been disappointing ... that's bringing down the whole market,“ said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina."This year is the year for financials, energy, materials, industrials. So if there is a day when they're not leading, it's not good news for the market.“Wall Street's major indexes had recently hit record highs on hopes for a hefty fiscal stimulus package.Incoming U.S. President Joe Biden late on Thursday unveiled a $1.9 trillion stimulus proposal, which included some $1 trillion in direct relief to households.Meanwhile, data showed a further decline in U.S. retail sales in December in the latest sign the economy lost considerable speed at the end of 2020."The weaker-than-expected economic data, and especially in parts of the economy like retail sales, is a big driver,“ said Liz Ann Sonders, chief investment strategist at Charles Schwab."We are seeing sentiment through last week in extreme speculative frothy euphoric optimistic territory,“ she said."Sometimes it doesn't need a catalyst before it begins to fall on its own weight.“The Dow Jones Industrial Average fell 177.26 points, or 0.57%, to 30,814.26, the S&P 500 lost 27.29 points, or 0.72%, to 3,768.25 and the Nasdaq Composite dropped 114.14