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S&P 500, Dow Jones retreat from record highs after bleak jobless data

The S&P 500 and the Dow Jones Industrial Average retreated from record closing highs, pulled lower by cyclicals and small caps that drove the rally earlier in the week

US markets, S&P, Nasdaq
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Still, the vaccine developments and removal of uncertainties surrounding the U.S. presidential election have driven Wall Street indexes to record closing highs, and put the S&P 500 on course for its best November ever. (Photo: Reuters)

Stephen Culp | Reuters New York
Wall Street was mixed on Wednesday as surging layoffs in the wake of a new round of shutdowns to contain spiraling COVID-19 infections dampened investor risk appetite. The S&P 500 and the Dow Jones Industrial Average retreated from record closing highs, pulled lower by cyclicals and small caps that drove the rally earlier in the week. Pandemic-resilient tech and tech-adjacent market leaders helped keep the Nasdaq afloat.

"Days like we're seeing today on the heels of strong growth is a response to the ebb and flow of the market," said Matthew Keator, managing partner in the Keator Group, a wealth management

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First Published: Nov 26 2020 | 2:14 AM IST

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