US stocks slide, first decline for the market this week
NEW YORK (AP) – A slide in technology companies weighed on U.S. stocks Thursday, pulling the market lower for the first time this week and erasing modest gains from a day earlier.
Supermarket operators, beverage companies and other consumer-focused stocks also declined. Industrial companies and banks led the gainers. Crude oil prices rebounded from an early slide.
Trading was mostly subdued as investors sized up the latest company earnings and deal news.
The Standard & Poor’s 500 index lost 7.64 points, or 0.3 percent, to 2,500.60. The Dow Jones industrials fell 53.36 points, or 0.2 percent, to 22,359.23. Both indexes posted record highs on Wednesday. The Nasdaq composite lost 33.35 points, or 0.5 percent, to 6,422.69. The Russell 2000 index of smaller-company stocks gave up 1.24 points, or 0.1 percent, to 1,444.18.
The stock market was coming off modest gains on Wednesday following the latest policy update from the Federal Reserve. The central bank indicated that it remains on course to raise interest rates on several occasions over the coming year.
“The talk yesterday was still very much in generalities, without specific plans,” said JJ Kinahan, chief strategist for TD Ameritrade. “As those details start to become more clarified, you may see a bigger reaction from the market.”