By Mike Bird
The Dow Jones Industrial Average slipped Tuesday, led by declines in Goldman Sachs Group.
The Dow industrials fell 40 points, or 0.2%, to 19847. The S&P 500 slipped less than 0.1%, and the Nasdaq Composite rose 0.1%.
The Dow industrials have gained more than 8% since Election Day, as investors betting on fiscal stimulus and tax cuts under President-elect Donald Trump scooped up shares of financial and industrial companies while largely selling government bonds.
On Tuesday, the yield on the 10-year U.S. Treasury note rose to 2.379% from 2.377% Monday, according to Tradeweb. Yields rise as bond prices fall.
Some analysts say U.S. stocks could get an additional boost from inflation, which has recently begun to pick up again, especially as oil prices have stabilized. U.S. crude oil rose 0.4% to $52.16 a barrel on Tuesday.
"This inflation is quite healthy for U.S. equities, particularly some sectors like banks and financials," said Nandini Ramakrishnan, global market strategist at J.P. Morgan Asset Management.
Yet the trend has shown some signs of slowing in recent sessions. The Dow industrials have closed lower two of the past three trading sessions, the WSJ Dollar Index -- which surged to a 14-year high after Election Day -- has slipped since the start of the year, and long-dated government debt has strengthened slightly.
Goldman Sachs Group fell 1% Tuesday. The stock has risen more than 30% since Election Day.
Elsewhere, the Stoxx Europe 600 index rose less than 0.1%. The U.K.'s FTSE 100 rose 0.4%, on track for its ninth consecutive record. The index tends to rise as sterling falls, since the companies listed on the index make most of their revenue abroad.
If the index closes at another record high Tuesday, it would be its longest streak of records since the nine days ending Jan. 16, 1987, according to the WSJ Market Data Group.
Earlier, Japan's Nikkei Stock Average fell 0.8%, the Shanghai Composite Index fell 0.3% and Hong Kong's Hang Seng closed up 0.8% in its fourth consecutive session of gains.
Write to Mike Bird at Mike.Bird@wsj.com
(END) Dow Jones Newswires
January 10, 2017 10:04 ET (15:04 GMT)
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