Shine trader limited reports:
Banks and health care companies helped pull down Wall Street stocks on Wednesday as the market retreated from recent record highs.
The S&P 500 closed down 0.5 percent as selling increased in the last hour of trading. The Dow Jones Industrial Average fell 0.7%. The day before, both indexes hit record highs.
The tech-heavy Nasdaq Composite Index was little changed after an early rally ran out of steam.
Treasury yields were mixed. Most energy futures fell.
Investors are worried about the results of big-name companies such as Microsoft, General Motors, and Coca-Cola.
“The market is taking a break after some strong days,” said Kristina Hooper, chief global market strategist at Invesco. “They are definitely digesting the gains.”
The S&P 500 fell 23.11 points to 4,551.68. More than three-quarters of the benchmark index fell, with financials, healthcare, and industrials the biggest losers. Those losses offset gains in telecommunications services and companies that rely on consumer spending.
The Dow Jones Industrial Average fell 266.19 points to 35490.69. Most stocks in the blue-chip index were in the red, led by Visa, which fell 6.9 percent a day after reporting strong quarterly results.
The Nasdaq rose 0.12 points, or less than 0.1 percent, to 15,235.84. The biggest faller was the Russell 2000 index of small companies, which fell 43.58 points, or 1.9 percent, to 2,252.49.
Long-term bond yields have fallen sharply, putting pressure on banks, which rely on higher yields to charge higher interest rates on loans. The yield on the 10-year Treasury note fell to 1.53% from 1.61% late Tuesday. JPMorgan Chase fell 2.1 percent.
While interest rates on short-term Treasurys such as the two-year Note have been rising, the yield on the 30-year note fell to 1.96 percent for the first time in a month, below 2 percent.
Reprint indicated source：Spark Global Limited information