Stocks gave back some of their recent gains Wednesday as a batch of discouraging economic data prompted investors to take a pause a day after the market’s record-setting climb.
The S&P 500 dropped 0.2% a day after setting an all-time high. The Dow Jones Industrial Average slipped below 30,000, a day after crossing that milestone for the first time. Industrial, energy and health care companies accounted for much of the decline. Technology companies rose, driving the Nasdaq composite to a record high.
The selling followed reports showing the number of Americans seeking unemployment aid jumped last week to the highest level in more than a month. A separate report showed consumer spending posted the weakest gain since April.
Despite the pullback, Wall Street closed up