The S&P 500 slipped on Wednesday after ending the previous session with a record...
NEW YORK - The S&P 500 slipped on Wednesday after ending the previous session with a record and the Nasdaq failed to hold all-time highs reached earlier in the day while investors waited for more earnings reports.
The S&P 500, closing roughly 0.5% below its intraday record high hit in late September, has rallied about 17% year-to-date. It has been supported by a dovish Federal Reserve, hopes of a U.S.-China trade deal and largely upbeat earnings. “There was no needle moving news today for people to be making bigger bets on anything after the big move we had yesterday.”At the market close on Wednesday, the Dow Jones Industrial Average fell 59.34 points, or 0.22%, to 26,597.05, the S&P 500 lost 6.43 points, or 0.22%, to 2,927.25 and the Nasdaq Composite dropped 18.81 points, or 0.23%, to 8,102.02.
“The market is taking a pause,” she said. “We’ve a lot of earnings coming this week and next. There’s nothing today that would change the overall economic outlook.” Caterpillar Inc fell 3% as rising costs hit margins in its construction equipment business and the company reported tepid sales in the Asia-Pacific region.
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