Wall Street retreats with global markets as rally fades
NEW YORK (AP) — Wall Street drifted to a lower close Thursday after mixed reports on the economy highlighted its uncertain path, including one showing that layoffs continue at a stubbornly steady pace. The S&P 500 lost 0.3%, following up on declines across Europe and Asia, as a worldwide rally faded. Travel-related stocks led the S&P 500 to its first loss in three days as cruise-ship operators, airlines and hotels gave up chunks of their big gains from a day earlier. Drops for Microsoft and other tech titans also weighed particularly heavily because they’re the largest stocks in the index. Treasury yields fell.
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