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U.S. Stocks Slip From Records After Data Deluge: Markets Wrap

  • Jobless claims rise for second week; trade deficit widens
  • Dow average slides back below 30,000; dollar weakens
Bloomberg business news
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The rotation out of tech shares and into cyclicals, sparked by promising vaccine news, reversed Wednesday as investors cast a wary eye on a batch of data that suggest a possible slowdown in economic growth. Treasuries edged higher.

The S&P 500 Index retreated from an all-time high, while the Dow Jones Industrial Average fell back below 30,000. The tech-heavy Nasdaq indexes edged higher. Volume dwindled into the closing auction as traders headed out for the Thursday holiday that will keep markets closed. A deluge of data brought the first back-to-back rise in weekly U.S. jobless claims since July, an uptick in durable goods orders and a widening trade deficit.