Stocks closed lower in Wall Street’s first trading after a five-week rally carried it to its highest level since the spring of last year.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq composite fell. The U.S. stock market took a step back after rising on hopes the economy can avoid a recession and inflation is easing enough for the Federal Reserve to stop raising interest rates soon. Critics say the Fed may have to keep rates higher for longer, which would pressure the economy.
