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Markets Fall Back From Record Highs

Investors discouraged by economic data
By Newser Editors and Wire Services
Posted Nov 25, 2020 4:07 PM CST

(Newser) – 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, the AP reports. Technology companies rose, driving the Nasdaq composite to a record high. The S&P 500 fell 5.76 points to 3,629.65. The Dow gave up 173.77 points, or 0.6%, to 29,872.47. The tech-heavy Nasdaq gained 57.62 points, or 0.5%, to 12,094.40

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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 shop for the Thanksgiving holiday with the benchmark S&P 500 still up 11% this month. "The market overall has reached by most standards what we call overbought conditions, and that typically suggests that the market would need to digest the gains, perhaps pause a bit, and consolidate," said Quincy Krosby, chief market strategist at Prudential Financial.

(Read more stock market stories.)

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