The US stock benchmark edged lower on Wednesday, suggesting major indices would take a breather after climbing to record highs.
The S&P 500 ticked down 0.3%, a day after the benchmark set its 27th closing record of the year. The technology-heavy Nasdaq Composite Index slipped 0.6%, while the Dow Jones Industrial Average also rose 177 points or 0.6% to 29646.
The market has been highly publicized in recent weeks by optimism that the Kovid-19 vaccines will help accelerate economic rebound. This has led to a surge in stocks that are sensitive to economic growth, including energy and banks.
Derek Halpenny, head of research for global markets, said, “We obviously had the best performance before the election results and yesterday we saw that record high. European sector at MUFG Bank.
He said stocks are likely to continue to pick up in the coming weeks. “When you know why there would be a seller of stock, when you know that policy support is both fiscal and monetary, what will happen next?”