By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market fell on
Wednesday, with the Dow Jones Industrial Average snapping a
five-day winning streak and retreating from the record level
reached on Tuesday.
The blue-chip index (DJI), which was only 54 points from
reaching the 17,000 level after Tuesday's close, was set back after
falling 102.04 points, or 0.6% to 16,883.88.
The S&P 500 (SPX) closed 6.90 points, or 0.4%, lower at
1,943.89.
The Nasdaq Composite (RIXF) ended the day down 6.07 points, or
0.1% at 4,331.93.
Read the recap of MarketWatch's live blog of Wednesday's
stock-market action.
Weighing on sentiment was a report from the World Bank, which
cut a global growth forecast, saying that the harsh winter in the
U.S. and a conflict between Russian and Ukraine dragged growth in
the U.S. and Europe during the first quarter.
Robert Zagunis, managing director and portfolio manager at
Jensen Investment Management, said that the current environment of
steady growth and low inflation is still favorable to stocks.
"While as a whole, markets have seen incremental changes,
individual companies are seeing adjustments. Companies with
stronger balance sheets and good earnings will continue to do
well," Zagunis said.
Earnings releases sparked some action in individual stocks.
H&R Block (HRB) shares rallied 4.6% after fiscal
fourth-quarter profit and revenue jumped as a late start to the tax
reason pulled revenue into the tax-services provider's latest
quarter.
Shares of U.S. airline companies were hit, following a profit
warning for both 2014 and 2015 by Deutsche Lufthansa AG .
Delta Air Lines Inc. (DAL) fell 2.9%, American Airlines Group
Inc. (AAL) dropped 3.1% and United Continental Holdings Inc. (UAL)
lost 5.2%.
Ulta Salon Cosmetics & Fragrance Inc. (ULTA) shares surged
14% after the company posted gains in earnings and sales late
Tuesday.
Across other markets, European stocks closed lower. Asian stocks
didn't provide much buying impetus either, with Hong Kong's Hang
Seng Index falling 0.3% after two straight days of gains.
Oil futures settled with a slight gain on Wednesday as a cut to
a global growth forecast offset support from a bigger-than-expected
decline in weekly U.S. crude supplies.
Gold futures settled higher for a third session in a row
Wednesday, modestly extending a rise above $1,260 an ounce as
optimism over global growth prospects took a hit and equities gave
back some gains from their record run.
The dollar fell against major rivals Wednesday, pushing below
102 yen.
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