February 16, 2018 / 7:38 PM / a year ago

US STOCKS-Wall Street erases gain after U.S. indicts Russians

(Updates with market giving up gains)

* Indexes: Dow -0.08 pct, S&P 500 -0.09 pct, Nasdaq -0.35 pct

By Noel Randewich

Feb 16 (Reuters) - U.S. stocks gave up gains on Friday after a U.S. grand jury indicted several Russians for interfering in with the 2016 presidential election to help then-candidate Donald Trump.

U.S. Special Counsel Robert Mueller’s office said a U.S. federal grand jury indicted 13 Russian nationals and three Russian entities accused of interfering with U.S. elections and political processes.

The S&P 500 had been up over half a percent, but that gain evaporated after the announcement of the indictments.

“The market was looking for an excuse to roll over and Russia headlines would do it. You’ve had such a rally for the week, and people have been looking for an excuse to take profits heading into the weekend,” said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas.

At 2:26 p.m. ET, the Dow Jones Industrial Average was down 0.08 percent at 25,179.42 points, while the S&P 500 had lost 0.09 percent to 2,728.81.

The Nasdaq Composite dropped 0.35 percent to 7,231.05. (Additional reporting by Sruthi Shankar in Bengaluru; Editing by Nick Zieminski)

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