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 percent Thursday after touching its highest level in nearly 16 months. The Nasdaq flipped from an early gain to a loss of 0.5 percent. The Dow lost 237 points, or 0.7 percent. 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 percent, to 4,537.41.
The Dow Jones Industrial Average fell 237.40 points, or 0.7 percent, to 35,282.72.
The Nasdaq composite fell 77.17 points, or 0.5 percent, to 14,050.11.
The Russell 2000 index of smaller companies fell 25.46 points, or 1.3 percent, to 1,954.90.
For the week:
The S&P 500 is up 1.07 points, or less than 0.1 percent.
The Dow is up 55.03 points, or 0.2 percent.
The Nasdaq is up 17.30 points, or 0.1 percent.
The Russell 2000 is down 5.36 points, or 0.3 percent.
For the year:
The S&P 500 is up 697.91 points, or 18.2 percent.
The Dow is up 2,135.47 points, or 6.4 percent.
The Nasdaq is up 3,583.62 points, or 34.2 percent.
The Russell 2000 is up 193.65 points, or 11 percent.
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