NEW YORK (AP) – Wall Street pulled back from its record on Friday after a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween.
The S&P 500 fell 0.7 per cent from its all-time high set a day before. It initially climbed after mixed data on the United States (US) job market bolstered hopes that easier interest rates will arrive later this year. Later, it swung to a loss after one of its most influential stocks, Nvidia, took a rare stumble following a jaw-dropping surge that critics called overdone.
Friday’s dip also sent the S&P 500 to a rare losing week, just its third in the last 19.
The weakness for Nvidia and other technology stocks dragged the Nasdaq composite to a market-leading loss of 1.2 per cent. The Dow Jones Industrial Average, which has less of an emphasis on tech, held up better. It slipped 68 points, or 0.2 per cent.
In the bond market, Treasury yields eased following the mixed data on the US job market, which economists described as “all over the place”.
The jobs report showed employers hired more workers last month than expected, but wages for workers rose by less than forecast.
