US stocks fell away from their records Thursday following a mixed batch of data on the economy.
- The Dow fell 137 points, or 0.3%, to 38,905.
- The S&P 500 fell 14 points, or 0.2%, to 5,150.
- The Nasdaq fell 49 points, or 0.3%, to 16,128.
A new report showed inflation was a touch hotter at the wholesale level last month than economists expected, but other reports—including one that showed retail sales in January were weaker than earlier thought—showed some softening in the economy. The latter reports kept alive hopes that the long-term trend for inflation remains downward, per the AP. On Wall Street, Dollar General swung sharply despite reporting stronger profit and revenue for the latest quarter than expected. Its stock fell 6% after being up more than 6% earlier in the morning. Dick's Sporting Goods jumped 15.6% after it reported stronger profit for the latest quarter than expected and increased its dividend.
Robinhood Markets gained 6.8% as stock and crypto prices near records drove strong growth in trading activity among its customers last month. US Steel sank 9.6% after President Biden opposed the planned sale of the company to Nippon Steel of Japan. Shares of Anheuser-Busch InBev trading in the United States slumped 5.5% after Altria said it was selling a portion of its stake in the maker of Budweiser. Altria is offering up 35 million of its 197 million ABI shares.
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