* Banks stocks drop for first time in six days
* Wells Fargo biggest drag on S&P 500 after rating cut
* Cisco top stock on S&P 500, Nasdaq indexes after results
* Indexes down: Dow 0.16 pct, S&P 500 0.30 pct, Nasdaq 0.30
(Updates to afternoon)
By Noel Randewich
Feb 16 Wall Street dipped on Thursday, weighed
down by energy stocks as oil prices dropped and banks fell
broadly for the first time in six days.
Wells Fargo, Bank of America, JPMorgan
and Citigroup weighed more than any other stocks
on the S&P 500, which has hit a string of record high in recent
sessions on signs of an improving economy and promises by
President Donald Trump to cut corporate taxes and regulations.
The so-called "Trump rally" has seen the S&P 500 rise about
5 percent so far in 2017, with the Dow Jones Industrial Average
up 4 percent.
Now, with a strong fourth-quarter earnings season mostly
complete, many investors say they need concrete signs of
progress from Trump to justify more gains.
"Some of the excitement and enthusiasm over earnings and
those Trump growth initiatives is starting to shift to more
practical, day-to-day events," said Jeff Kravetz, a
Phoenix-based regional investment director of the Private Client
Reserve at U.S. Bank.
The S&P 500 financial sector fell 0.52 percent,
slightly reversing a string of recent record highs. Investors
have been betting that higher interest rates and financial
deregulation will boost bank profits.
The energy sector declined 1.21 percent, following
oil prices lower as traders weighed swelling U.S. inventories
against possible renewed efforts by major oil producers to
reduce a price-sapping glut.
At 2:17 p.m. ET, the Dow Jones Industrial Average was
down 0.16 percent at 20,579.2 points, while the Nasdaq Composite
dropped 0.30 percent to 5,802.02.
The S&P 500 had lost 0.30 percent to 2,342.16. The
index ended higher for the seventh session in a row on
Wednesday, its first such streak since September 2013.
Wells Fargo slipped 1.18 percent after Credit Suisse
downgraded its stock to "neutral" from "outperform".
TripAdvisor sank 9.68 percent and was the biggest
percentage loser on the S&P 500 after posting
lower-than-expected quarterly revenue and profit.
NetEase jumped 13.4 percent following the Chinese
online game developer's revenue beat.
Declining issues outnumbered advancing ones on the NYSE by a
1.70-to-1 ratio; on Nasdaq, a 1.68-to-1 ratio favored decliners.
The S&P 500 posted 51 new 52-week highs and no new lows; the
Nasdaq Composite recorded 132 new highs and 22 new lows.
(Additional reporting by Yashaswini Swamynathan in Bengaluru;
Editing by Nick Zieminski)