Stocks fall, Dow pulls back from record high
Stocks pulled back on Thursday after a continued market rotation powered the Dow Jones Industrial Average to fresh highs.
The Dow Jones Industrial Average lost 72 points, or 0.2%. The S&P 500 shed 0.5%, while the Nasdaq Composite pulled back 0.9%.
Disney was one the key laggards during the session, as shares fell 8% on mixed results for the company’s fiscal fourth quarter.
Wednesday again saw a divergence between technology stocks and other pockets of the market as value-oriented sectors such as health care outperformed. The rotation has been a relief for some investors looking for a broadening out of the market, but it could also signal growing caution away from risk-on assets.
The Dow on Wednesday closed above 48,000 for the first time, putting the 30-stock index on pace for its best weekly performance since late June. The S&P 500 settled up slightly above the flatline to post four straight days of gains, meanwhile, and the tech-heavy Nasdaq Composite closed the day in the red.
Source : Cnbc.com