* Time Inc jumps after report of company rejecting takeover
* Amazon weighs the most on the S&P, Nasdaq
* Oil prices settle higher after choppy session
* Indexes down: Dow 0.17 pct, S&P 0.31 pct, Nasdaq 0.38 pct
(Updates to mid-afternoon, changes byline)
By Chuck Mikolajczak
NEW YORK, Nov 28 U.S. stocks fell modestly on
Monday, weighed down by declines in the financial and consumer
discretionary sectors, as some investors booked profits on the
heels of a record-setting week.
The three major U.S. indexes had closed higher for the third
week in a row on Friday, with the S&P 500 notching its seventh
record close since the U.S. presidential election on Nov. 8.
U.S. stocks have jumped since Donald Trump's victory in the
presidential election, with the S&P 500 up 3.7 percent, as
investors expect his plans to boost infrastructure spending, cut
corporate taxes and reduce regulation to benefit the economy.
The S&P financial and consumer discretionary
sectors have been among the best performers since the
election, up more than 4 percent each. The small-cap Russell
2000, comprised of many domestically-focused stocks, has
soared 11.7 percent.
"Those sectors are really due for some moderation in
performance and it is very likely over the next week to two
weeks we will see them actually underperform the market," said
Peter Kenny, senior market strategist at Global Markets Advisory
Group in New York.
"That should not be a cause for concern, that is probably
very healthy and should lead to a more sustainable move higher
in the near-term, heading into 2017."
The Dow Jones industrial average fell 32.5 points, or
0.17 percent, to 19,119.64, the S&P 500 lost 6.89 points,
or 0.31 percent, to 2,206.46 and the Nasdaq Composite
dropped 20.49 points, or 0.38 percent, to 5,378.43.
Prices for both Brent and U.S. crude settled up more than 2
percent in volatile trading, recouping early losses, as the
market reacted to the shaky prospect of major OPEC producers
being able to agree output cuts at a meeting on Wednesday.
Three of the top four drags on the S&P 500 were banks, with
Wells Fargo off 1.4 percent, Bank of America
down 1.9 percent and Citigroup off 1.7 percent.
Amazon down 2 percent at $764.70 was the biggest
drag on the benchmark S&P index and the Nasdaq despite a report
showing early Cyber Monday sales were expected to finish up 9.4
percent compared with last year.
Time Inc jumped 18.7 percent to $16.15 after the
New York Post reported that the publisher had rejected a
takeover bid from billionaire investor Edgar Bronfman Jr.
Declining issues outnumbered advancing ones on the NYSE by a
1.57-to-1 ratio; on Nasdaq, a 2.11-to-1 ratio favored decliners.
The S&P 500 posted 21 new 52-week highs and no new lows; the
Nasdaq Composite recorded 168 new highs and 18 new lows.
(Editing by Nick Zieminski)