S&P 500 and Nasdaq Retreat After Record Highs

S&P 500 and Nasdaq Retreat After Record Highs

The S&P 500 and Nasdaq closed lower on Wednesday after reaching intraday highs during the session. Dow industry stocks have been among the longest losing ones in more than two months as they processed moves for the wider market that reached new heights despite the pandemic. Stocks fell moderately on Wednesday, after the central bank released the minutes of the July 28-29 policy meeting showing that it lowered its economic growth forecast in the second half of the year. Fed officials say the pace of recovery depends on the progression of the COVID-19 pandemic. It was stated in the minutes: "Participants generally agreed that the prospect of further significant development in the labor market will depend on the large and continuous reopening of businesses. In contrast, such a reopening will largely depend on the effectiveness of health measures to limit the spread of the virus." According to FactSet data, Dow Jones Industrial Average DJIA closed at 0.3% at 27,692, coinciding with the longest streak of losses in the period ending June 19. The S&P 500 index SPX 0.00% closed at 3.375 with 0.4%, while the Nasdaq Composite Index COMP closed at 11,146 with 0.6%. In corporate news, Apple Inc. AAPL slowly touched a market valuation of over $ 2 trillion until 0.98% retraced. This move made the iPhone manufacturer the first company in the world to achieve such an assessment. Apple shares rose by about 0.1%.