NEW YORK (AP) — Stocks gave up some early gains and ended broadly lower after the head of the Federal Reserve appeared to play down the possibility of an interest rate cut this year, something some investors had been hoping for.
Energy companies and retailers fell more than the rest of the market Wednesday. Exxon Mobil lost 2% and Home Depot gave up 2.4%.
Safe-play stocks like utilities and real estate companies held up better. Simon Property Group jumped 2.3%.
The S&P 500 fell 22 points, or 0.8%, to 2,923. The benchmark index is coming off three record high closes in a row.
The Dow Jones Industrial Average fell 162 points, or 0.6%, to 26,430. The Nasdaq fell 45 points, or 0.6%, to 8,049.
Bond prices fell. The yield on the 10 year Treasury rose to 2.51%.