(CNBC) -- The S&P 500 fell slightly in volatile trading on Monday to start the holiday week as enthusiasm over a coronavirus stimulus deal was overwhelmed by worries over a viral new Covid strain in the U.K.
The broad equity index dipped 0.4%, or 14.49 points, to 3,694.92 after falling nearly 2% at its session low. The Nasdaq Composite fell 0.1%, or 13.12 points, to 12,742.52. The Dow Jones Industrial Average erased a 400-point loss to eke out a small gain as strength in Nike and bank shares supported the blue-chip benchmark. The 30-stock Dow rose 0.1%, or 37.40 points, to 30,216.45.
Nike popped nearly 5% to hit a record high on the back of strong earnings. Bank stocks jumped in unison with JPMorgan and Goldman up 3.8% and 6.1%, respectively, after the Federal Reserve announced it will allow the industry to resume share buybacks in the first quarter of 2021.
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