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Stocks pulled back on Thursday after a continued market rotation powered the Dow Jones Industrial Average to fresh highs.
The 30-stock index erased 109.78 points from Wednesday’s all-time high to 48,145.09.
The S&P 500 gave back 48.15 points to open at 6,802.77.
The NASDAQ tumbled 271.96 points to 23,134.50.
Disney was one the key laggards during the session, as shares fell 8% on mixed results for the company’s fiscal fourth quarter.
Wednesday again saw a divergence between technology stocks and other pockets of the market as value-oriented sectors such as health care outperformed.
The rotation has been a relief for some investors looking for a broadening out of the market, but it could also signal growing caution away from risk-on assets.
The Dow on Wednesday closed above 48,000 for the first time, putting the 30-stock index on pace for its best weekly performance since late June.
The S&P 500 settled up slightly above the flatline to post four straight days of gains, meanwhile, and the tech-heavy NASDAQ closed the day in the red.
Prices for the 10-year Treasury lost strength, raising yields to 4.10% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices rallied 60 cents to $59.09 U.S. a barrel.
Gold prices added two dollars to $4,215.60 U.S. an ounce.
