U.S. stocks slipped,
with a three-week equity rally leveling off amid mixed data before
Friday’s payrolls report that may provide a clearer picture on the
strength of the economy and path for interest rates.
Investors were showing
tempered enthusiasm for shares that have paced the recent rebound, with
banks little changed while consumer and technology shares declined.
Health-care and tech were the biggest drags as Johnson & Johnson and
Merck & Co. lost more than 1.2 percent, while Microsoft Corp.
dropped 1.8 percent. Kroger Co. sank 8.9 percent to weigh on consumer
staples after the grocer forecast slower growth this year. Energy
producers advanced for a third day.
The Standard &
Poor’s 500 Index fell 0.4 percent to 1,978.93 at 11:54 a.m. in New York,
after rising Wednesday for a second day to hold at an eight-week high.
The Dow Jones Industrial Average slipped 59.82 points, or 0.4 percent,
to 16,839.50, and the Nasdaq Composite Index declined 0.5 percent. The
Russell 2000 Index of small caps added 0.3 percent to rise for a third
day. Trading in S&P 500 shares was 9 percent below the 30-day
average for this time of day.
Source: Bloomberg
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