Wall Street closed lower, its big rally losing momentum despite fatter-than-expected profit reports from big companies and the latest signals of a resilient economy.
The S&P 500 fell 0.6% Thursday after touching its highest level in nearly 16 months. The Nasdaq flipped from an early gain to a loss of 0.5%. The Dow lost 237 points, or 0.7%. Earlier in the day, it seemed to be on the verge of its 14th straight gain, which would tie a win-streak record set in 1897.
Critics have been saying the market’s big recent rally has been too much, too fast.
On Thursday:
The S&P 500 fell 29.34 points, or 0.6%, to 4,537.41.
The Dow Jones Industrial Average fell 237.40 points, or 0.7%, to 35,282.72.
The Nasdaq composite fell 77.17 points, or 0.5%, to 14,050.11.
The Russell 2000 index of smaller companies fell 25.46 points, or 1.3%, to 1,954.90.
For the week:
The S&P 500 is up 1.07 points, or less than 0.1%
The Dow is up 55.03 points, or 0.2%
The Nasdaq is up 17.30 points, or 0.1%
The Russell 2000 is down 5.36 points, or 0.3%
For the year:
The S&P 500 is up 697.91 points, or 18.2%.
The Dow is up 2,135.47 points, or 6.4%.
The Nasdaq is up 3,583.62 points, or 34.2%.
The Russell 2000 is up 193.65 points, or 11%.
Sourse: abcnews.go.com
