Wall Street slipped again after a stronger-than-expected report on the U.S. economy weakened hopes that easier interest rates would arrive soon.
The S&P 500 fell 0.6% Wednesday, its second straight drop. The Dow fell 0.3%, and the Nasdaq composite lost 0.6%.
Rising yields in the bond market again put downward pressure on stocks. Yields climbed after a report showed sales at U.S. retailers were stronger last month than economists expected, which could keep upward pressure on inflation. That could push the Federal Reserve to wait longer than traders expect to begin cutting rates.
On Wednesday:
The S&P 500 fell 26.77 points, or 0.6%, to 4,739.21.
The Dow Jones Industrial Average fell 94.45 points, or 0.3%, to 37,266.67.
The Nasdaq composite fell 88.73 points, or 0.6%, to 14,855.62.
The Russell 2000 index of smaller companies fell 14.14 points, or 0.7%, to 1,913.17.
For the week:
The S&P 500 is down 44.62 points, or 0.9%.
The Dow is down 326.31 points, or 0.9%.
The Nasdaq is down 117.14 points, or 0.8%.
The Russell 2000 is down 37.80 points, or 1.9%.
For the year:
The S&P 500 is down 30.62 points, or 0.6%.
The Dow is down 422.87 points, or 1.1%.
The Nasdaq is down 155.73 points, or 1%.
The Russell 2000 is down 113.91 points, or 5.6%.
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