Tech stocks fell Wednesday, keeping Wall Street mixed and sapping more momentum from its five-week rally.
The S&P 500 closed 0.5 percent lower Wednesday, its third straight pullback after rallying last week to its highest level in more than a year. The Nasdaq composite fell 1.2 percent, more than the rest of the market. The Dow, which has less weighting with tech stocks, fell less.
Federal Reserve Chair Jerome Powell said more hikes to interest rates may be on the way to get inflation under control. Slightly more stocks rose than fell.
On Wednesday:
The S&P 500 fell 23.02 points, or 0.5 percent, to 4,365.69.
The Dow Jones Industrial Average fell 102.35 points, or 0.3 percent, to 33,951.52.
The Nasdaq composite fell 165.09 points, or 1.2 percent to 13,502.20.
The Russell 2000 index of smaller companies fell 3.68 points, or 0.2 percent, to 1,863.01.
For the week:
The S&P 500 is down 43.90 points, or 1 percent.
The Dow is down 347.60 points, or 1 percent.
The Nasdaq is down 187.37 points, or 1.4 percent.
The Russell 2000 is down 12.45 points, or 0.7 percent.
For the year:
The S&P 500 is up 526.19 points, or 13.7 percent.
The Dow is up 804.27 points, or 2.4 percent.
The Nasdaq is up 3,035.72 points, or 29 percent.
The Russell 2000 is up 101.77 points, or 5.8 percent.
