Stocks retreated from a record high set earlier this week on Wall Street.
Wall Street closed out its second straight losing week Friday, giving back some of the gains that helped push the stock market to an all-time high earlier in the week. The Standard & Poor's 500 fell 0.6%, its third straight loss. The benchmark index hit a record high on Tuesday but mostly wavered in the days that followed. The Dow Jones industrial average fell 0.5%, while the Nasdaq composite ended 1% lower. Technology stocks were the biggest weights on the market.
Other reports this week showed some softening in the economy, which bolstered hopes for a continued long-term easing of inflation. A rally for stocks that started in October has essentially stalled in March as investors try to determine the path ahead for inflation, the Fed and the economy. “You can kind of look in either direction and find a reason to be concerned about equities,” said Brian Nick, senior investment strategist at the Macro Institute.
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