Author: Don Obrien

Stocks Pause After S&P 500,Nasdaq Records

U.S. stocks wobbled Thursday, taking a pause after major indices climbed to records earlier in the week.

The S&P 500 fell 0.2% following five straight sessions of gains. The Nasdaq Composite dropped 0.1% and the Dow Jones Industrial Average declined 0.1%, to 35364.

Stocks have pushed higher lately, supported by broad gains across everything from financial and industrial stocks to technology shares.

Heading into the end of the week, money managers say their focus is largely on comments expected from Federal Reserve officials on Friday that could offer cues on the central bank’s plans for tapering stimulus measures. Some investors are betting that the Fed may slow those plans if there are signs that the economic recovery is faltering.

Fresh data Thursday showed that the U.S. economy grew 6.6% on an annualized basis in the second quarter, an upward revision from the initial print last month. Meanwhile, weekly jobless claims came in at 353,000, a slight increase from the previous week’s pandemic low. Economists were expecting the level to be relatively unchanged.

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Oliver Bolt

Oliver Bolt

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