Stocks fall to start the week, pull back from record highs

as investors assessed equity valuations and the outlook for more Covid-19 relief stimulus, along with ongoing political turmoil.

The Dow Jones Industrial Average slid 120 points, or 0.4%. The S&P 500 dipped 0.6%, and the Nasdaq Composite pulled back by 0.9%. At one point, the Dow was down 265 points. The Nasdaq briefly fell by more than 1%. Wall Street was coming off a solid week to start 2021 as investors looked past a violent siege of the Capitol and focused on the prospect for additional fiscal stimulus after a Democratic sweep of Congress. The S&P 500 climbed for four days straight to a record with a 1.8% gain last week. The Dow and the tech-heavy Nasdaq Composite gained 1.6% and 2.4% in the prior week, respectively, also reaching all-time highs.

. Shares of Tesla, for example, were up 25% last week and 800% in the last 12 months. They now trade for around 90-times 2021 cash flow. Tesla shares were off by 5.8%. Bitcoin, which has been a symbol of speculation in the financial markets, was back down to $32,000 on Monday after trading above $40,000 over the weekend.

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