“Since President Donald Trump vowed last week to announce a tax reform in the coming weeks, Wall Street has hit record intraday and closing highs in successive days in a rally led by financials.
The S&P 500 financial index outperformed others with a gain of about 3.2 percent in the past week, while the KBW Bank index was up 3.8 percent. The S&P 500 gained 1.7 percent.
Those gains were cut sharply on Friday, with the broader financials down 0.65 percent and the banks down nearly 1 percent.”
via Wall Street Drops, Led by Banks, as Investors Book Profits – The New York Times