NEW YORK—Drops for technology stocks left Wall Street mixed Wednesday and sapped more momentum from its five-week rally.
The S&P 500 fell 23.02, or 0.5 percent, to 4,365.69. It was a third straight pullback for the index after it rallied last week to its highest level in more than a year.
Weakness for high-growth stocks hit the Nasdaq composite in particular, and it lost 165.09, or 1.2 percent, to 13,502.20. Still, roughly as many stocks rose as fell on Wall Street, and the Dow Jones Industrial Average dropped by a milder 102.35 points, or 0.3 percent, to 33,951.52.
Wall Street had been on a tear this year, with the S&P 500 up nearly 14 percent amid hopes that inflation is coming down quickly enough for the Federal Reserve to stop hiking interest rates soon. That would take pressure off the economy and could allow it to avoid a recession. Some analysts say the rally ran too far, too fast while inflation has remained stubbornly high, which could force the Fed to keep rates higher for longer….