Losses for several banks and Big Tech stocks pulled U.S. indexes lower, even though most stocks on Wall Street rose.
The S&P 500 sank 0.5% Wednesday for its second straight loss after setting its all-time high. The Dow Jones Industrial Average dipped 0.1%, and the Nasdaq composite lost 1%.
Wells Fargo, Bank of America and Citigroup all dropped following their latest profit reports. Nvidia and other tech stocks that have caught criticism for having too-expensive stock prices were the heaviest weights on the market. Oil companies and stocks of smaller companies rallied, while Treasury yields eased in the bond market.
On Wednesday:
The S&P 500 fell 37.14 points, or 0.5%, to 6,926.60.
The Dow Jones Industrial Average fell 42.36 points, or 0.1%, to 49,149.63.
The Nasdaq composite fell 238.12 points, or 1%, to 23,471.75.
The Russell 2000 index of smaller companies rose 18.53 points, or 0.7%, to 2,651.64.
For the week:
The S&P 500 is down 39.68 points, or 0.6%.
The Dow is down 354.44 points, or 0.7%.
The Nasdaq is down 199.60 points, or 0.8%.
The Russell 2000 is up 27.41 points, or 1%.
For the year:
The S&P 500 is up 81.10 points, or 1.2%.
The Dow is up 1,086.34 points, or 2.3%.
The Nasdaq is up 229.76 points, or 1%.
The Russell 2000 is up 169.73 points, or 6.8%.
The Associated Press
