Wall Street pulls back from its record after a shaky day

Wall Street pulled back from its record after a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween.

Wall Street pulled back from its record Friday after a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween. The Standard & Poor's 500 fell 0.7% from its all-time high set a day before. It initially climbed after mixed data on the U.S. job market bolstered hopes that easier interest rates will arrive later this year.

“Things are good, but not great, and they’re getting a touch worse,” Brian Jacobsen, chief economist at Annex Wealth Management, said about the jobs report. “The payroll gains are still fantastic, but we’re not as strong as we thought we were with the prior months’ numbers being revised down.” Fed Chair Jerome H. Powell said a day earlier that the central bank is “not far” from cutting interest rates.

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