By Akane Otani and Riva Gold

The Dow Jones Industrial Average fell Thursday, putting the index in negative territory for the year.

The stock-market rally sparked by the election of Donald Trump has slowed in 2017. The Dow industrials fell for a fifth straight session, and the blue-chip index is now down 0.2% year-to-date.

Some investors say they see few reasons for stocks to push much higher until after Mr. Trump's inauguration Friday, at which point the focus will turn to what policies his administration can push through Congress.

"We're transitioning from this phase of hope into one where people arewaiting for real action," said Jimmy Chang, chief investment strategist at Rockefeller & Co.

The Dow Jones Industrial Average dropped 72 points, or 0.4%, to 19732.

On Thursday afternoon, the volume of bearish put options on the SPDR Dow Jones Industrial Average ETF -- an exchange-traded fund that tracks the Dow industrials -- rose to four times the 22-day average, according to data from Trade Alert.

The S&P 500 lost 0.4% Thursday and the Nasdaq Composite fell 0.3%.

A decline in bank shares weighed down major stock indexes. Morgan Stanley declined 1%, Goldman Sachs Group fell 1.2%, and Citigroup lost 1.3%.

The day's moves pushed financial shares further into the red for the year -- a reversal from the end of 2016, when they surged on bets that Mr. Trump's administration would push for deregulation and tax breaks. Shares of financial companies -- the best-performing S&P 500 sector from Election Day to year-end -- aredown 1.1% for the year.

Government bonds and their stock-market proxies sold off. The yield on the 10-year Treasury note rose to 2.461% Thursday from 2.391% Wednesday, according to Tradeweb. Yields rise as bond prices fall.

The S&P 500 utilities sector lost 0.9%.

Elsewhere, the Stoxx Europe 600 pared losses and ended down 0.1% after the ECB left its interest rates and bond-purchase program unchanged and ECB President Mario Draghi said the bank would maintain its accommodative stance.

The euro was recently up 0.2% against the U.S. dollar at $1.0651.

Japan's Nikkei Stock Average rose 0.9% as a weaker yen lifted the export-heavy index. Stocks elsewhere in Asia mostly edged lower, with Hong Kong's Hang Seng down 0.2% and the Shanghai Composite Index finishing down 0.4% at its lowest closing value of the year.

Inyoung Hwang contributed to this article.

Write to Akane Otani at akane.otani@wsj.com and Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

January 19, 2017 16:24 ET (21:24 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.