Stocks closed lower on Wall Street, led by drops in big technology companies and erasing the S&P 500′s gains for the week.
The S&P 500 fell 0.7 percent Wednesday, while the Dow Jones Industrial Average and the Nasdaq also fell. Small-company stocks fell more than the rest of the market.
Wall Street was absorbing a mix of retail updates that showed inflation pressure continues to affect businesses and consumers, but also shows that spending remains strong. Target fell after reporting a plunge in profits. The government reported that retail sales were flat in July.
On Wednesday (Aug. 17): The S&P 500 fell 31.16 points, or 0.7 percent, to 4,274.04.
The Dow Jones Industrial Average fell 171.69 points, or 0.5 percent, to 33,980.32.
The Nasdaq fell 164.43 points, or 1.3 percent, to 12,938.12.
The Russell 2000 index of smaller companies fell 33.22 points, or 1.6 percent, to 1,987.31. For the week:…