Stocks slipped away from their records following a mixed batch of economic reports.
The S&P 500 fell 0.3% Thursday after giving up an earlier, modest gain. The Dow Jones Industrial Average lost 0.4%, and the Nasdaq composite fell 0.3%.
Treasury yields rose following the latest in a string of data showing inflation was worse than expected. That kept the door closed on earlier hopes that the Federal Reserve could begin cutting interest rates this month. But traders still expect cuts to start in June, and other reports on Thursday showed some softening in pressure on inflation.
On Thursday:
The S&P 500 fell 14.83 points, or 0.3%, to 5,150.48
The Dow Jones Industrial Average fell 137.66 points, or 0.4%, to 38,905.66.
The Nasdaq composite fell 49.24 points, or 0.3%, to 16,128.53.
The Russell 2000 index of smaller companies fell 40.54 points, or 2%, to 2,031.18.
For the week:
The S&P 500 is up 26.79 points, or 0.5%.
The Dow is up 182.97 points, or 0.5%.
The Nasdaq is up 43.42 points, or 0.3%.
The Russell 2000 is down 51.54 points, or 2.5%.
For the year:
The S&P 500 is up 380.65 points, or 8%.
The Dow is up 1,216.12 points, or 3.2%.
The Nasdaq is up 1,117.18 points, or 7.4%.
The Russell 2000 is up 4.10 points, or 0.2%.
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