US stocks retreat, banking shares lead decline

Wall Street stocks finished lower Friday following profit taking in banking shares and some other equities that had scored big gains in the post-election rally.

Bank of America lost 2.2 percent and Goldman Sachs shed 1.7 percent in reversals of the large gains seen since the November 8 election prompted a big rally in the sector.

Analysts also cited a disappointing home construction report, which showed a steeper decline than expected in new residential building in November.

The Dow Jones Industrial Average dipped less than 0.1 percent at 19,843.41.

The broad-based S&P 500 shed 0.2 percent to 2,258.07, while the tech-rich Nasdaq Composite Index declined 0.4 percent to 5,437.16.

Software company Oracle slumped 4.4 percent after reporting a 7.5 percent decline in second-quarter earnings to $2.0 billion. Some analysts expressed disappointment with the company's outlook.

Gilead Sciences shed 1.9 percent after a US jury ordered it to pay $2.5 billion to competitor Merck in a patent infringement case involving a drug used to treat hepatitis C. Merck rose 0.1 percent. Gilead said it would appeal the ruling.

Chipotle Mexican Grill rose 2.5 percent as it appointed four new directors to its board, winning praise from activist investor Bill Ackman as the burrito chain tries to reignite sales after a series of food-safety problems.

General Electric rose 1.6 percent following an upgrade from investment firm Bernstein.