NEW YORK – Wall Street lost ground on Thursday, with the S&P 500 and the Nasdaq pulling back from record closing highs in a broad sell-off driven by uncertainties surrounding the pace of the U.S. economic recovery.
As the bond market rallied on a flight to safety, all three major U.S. stock indexes tumbled. The Dow’s economically sensitive transports plunged 3.3%, its biggest daily drop since October.
Still, analysts noted that the market remained close to historical highs.
“We’re still effectively at all-time highs, so I wouldn’t read much into today’s market action,” said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York.
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Keep on reading: Wall Street ends lower as recovery momentum concerns spark sell-off