Mumbai, Jan. 1 -- The Dow fell 303.77 points (0.6%) to 48,063.29, the Nasdaq slid 177.09 points (0.8%) to 23,241.99 and the S&P 500 declined 50.74 points (0.7%) to 6,845.50.

The extended pullback on Wall Street reflected traders cashing in on recent strength, with the major averages closing lower for a fourth straight session even after the Dow and S&P 500 hit record closing highs last Wednesday. Despite the late-year weakness, full-year performance remained strong, as the Nasdaq jumped 20.4%, the S&P 500 climbed 16.4%, and the Dow advanced 13% on the year.

Stocks rebounded quickly after an early April plunge triggered by President Donald Trump's "Liberation Day" tariffs and later gained further on the back of strength in large-cap tech...