Stocks are closing broadly lower on Wall Street led by weakness in technology companies.

The S&P 500 fell 0.8% Wednesday, easing the benchmark index below the record high it set a day earlier. Health care and communications companies also slipped.

Investors have been balancing hopes for approvals and distribution of coronavirus vaccines against a near-term surge in cases and hospitalizations.

Investors are still closely watching Washington, where talks are still ongoing on providing more relief to American people and businesses impacted by the pandemic. Congress is still divided over the size and scope of any new package.