Stocks drifted lower on Wall Street on a down day for tech stocks.
The S&P 500 fell 0.2 percent. The Dow Jones Industrial Average slipped 0.1 percent Wednesday, and the Nasdaq composite sank 0.5 percent a day after nearing its record set in 2021.
The market regressed as Nvidia and other Big Tech stocks pulled back a bit from their dominating run. Treasury yields also eased in the bond market after a report said the U.S. economy likely grew a touch slower at the end of 2023 than earlier estimated. Bitcoin briefly topped $63,000 for the first time since 2021, helping to lift stocks of crypto-related companies.
On Wednesday:
The S&P 500 fell 8.42 points, or 0.2 percent, to 5,069.76.
The Dow Jones Industrial Average fell 23.39 points, or 0.1 percent, to 38,949.02.
The Nasdaq composite fell 87.56 points, or 0.5 percent, to 15,947.74.
The Russell 2000 index of smaller companies fell 15.80 points, or 0.8 percent, to 2,040.31.
For the week:
The S&P 500 is down 19.04 points, or 0.4 percent.
The Dow is down 182.51 points, or 0.5 percent.
The Nasdaq is down 49.08 points, or 0.3 percent.
The Russell 2000 is up 23.62 points, or 1.2 percent.
For the year:
The S&P 500 is up 299.93 points, or 6.3 percent.
The Dow is up 1,259.48 points, or 3.3 percent.
The Nasdaq is up 936.39 points, or 6.2 percent.
The Russell 2000 is up 13.23 points, or 0.7 percent.
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