PSK - Dow S&P Fall After 4 Straight Days of Gains
U.S. stocks slid on Wednesday, ending a winning streak for the market, as investors monitored developments in Ukraine and the bond market.
The Dow Jones Industrials dropped 65.38 points to finish Wednesday's session at 35,228.81
The S&P 500 faded 29.15 points to 4,602.45. The Dow and S&P 500 each snapped a four-day streak of gains.
The NASDAQ Composite swooned 177.36 points, or 1.2%, to 14,442.28.
The energy market swings appeared to drive action in equities on Wednesday. Oil stocks moved higher, with Valero rising roughly 4% and Phillips 66 gaining about 4.8%.
Several retail stocks were under pressure on Wednesday after disappointing quarterly reports, including Five Below losing 6.5% and Chewy sliding 16%.
RH fell 13% after the company's fourth-quarter revenue came in short of expectations. On the positive side, apparel stock Lululemon jumped more than 9% after issuing upbeat guidance and announcing a share buyback program.
Semiconductor stocks were another weak spot for the market, with Marvell Technology falling 4% and Nvidia shedding more than 3%. Micron fell 3.5% despite a stronger-than-expected earnings report.
Elsewhere, shares of Apple, which had risen for 11 consecutive sessions, slipped 0.7%.
Wednesday was also a busy day of economic data. The ADP payrolls report said private firms added 455,000 jobs in March. Economists
surveyed by Dow Jones expected 450,000. The final reading for fourth quarter U.S. GDP showed 6.9% growth, below the preliminary reading of 7%.
Russia said late Tuesday it would reduce its military presence in some parts of Ukraine, but several countries — including the U.S. and U.K. — remain skeptical over Moscow's pledge. Meanwhile, Russian attacks on Ukraine continued Wednesday.
Treasury prices gained ground, lowering yields to 2.34% from Tuesday's 2.39%. Treasury prices and yields move in opposite directions.
Oil prices jumped $3.09 to $107.39 U.S. a barrel.
Gold prices progressed $22.10 to $1,940.10 U.S. an ounce.