U.S. Stocks Slip as Rally Pauses

The S&P 500 drifted lower Friday, putting Wall Street on track to end a choppy week with muted losses.

The broad stock-market gauge slipped 0.3% in recent trading. The Dow Jones Industrial Average fell 0.5%. The tech-heavy Nasdaq Composite rose about 0.1%.

Stocks have bounced around in recent days, after optimism about the development of effective coronavirus vaccines propelled the Dow industrials to a record at the start of the week. But the run has stagnated since then. Surging coronavirus infections, signs that the economy has lost momentum, and the U.S. Treasury’s decision to allow several emergency Federal Reserve programs to expire have deflated some of that cheer.

The S&P 500 and Dow are on track to end the week lower 0.4% and 0.5%, respectively. The Nasdaq is on track to end the week up 0.7%.

Some investors said the recent moves mark a healthy pause after a vigorous rally since the presidential election.

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