Stocks retreated on Thursday, with the S&P 500 index disrupting a seven-session rally as investors await key news from the Federal Reserve next week.
The Dow Jones Industrial Average slipped 25.96 points, or 0.17%, to 15300.64. The index fluctuated between gains and losses within a 62-point range in the session. That was a tight range after three consecutive sessions of triple-digit gains left the Dow Wednesday with its biggest three-session winning streak since the one ended Jan. 3. The S&P 500 index lost 5.71 points, or 0.34%, to 1683.42, led by declines in the materials sector. The Nasdaq Composite Index fell 9.04 points, or 0.24%, to 3715.97.
“Were not seeing the same momentum of the past few days,” said for The Wall Street Journal, Jonathan Corpina, senior managing partner with brokerage firm Meridian Equity Partners Inc. “With no real major news moving the market, investors with short-term positions are taking the opportunity to take some profits off the table.”
Initial claims for jobless benefits in the latest week fell to 292,000, well below expectations for a rise to 330,000. However, according to the Labor Department that was partially due to changes to the computer systems in some states which resulted in some claims not being processed in time.
In corporate news, Apple rose 1% after dropping 7.6% over the past two sessions amid disappointment over the new product launches. Billionaire activist investor Carl Icahn said on CNBC late Wednesday that he increased his position in Apple because he believed the stock was cheap.
Lululemon sank after the maker of yoga gear provided a fiscal third-quarter earnings and revenue outlook that was below current analyst projections, and trimmed its full-year outlook, overshadowing better-than-expected second-quarter results.
Pandora Media soared after naming Brian McAndrews, a former Microsoft executive, as its chief executive and chairman. The move comes six months after Joe Kennedy said he would be stepping down from the Internet-radio firms helm.
SeaWorld Entertainment rose after reporting revenue and admissions through August in the current fiscal year have risen from year-earlier levels, growing during the critical summer season despite some challenging weather conditions.
Twitter Inc., the microblogging service with more than 200 million members worldwide, filed to go public, moving closer to the most highly anticipated offering since Facebook Inc.
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