NEW YORK—Stocks pulled back Tuesday in their first trading after a five-week rally carried Wall Street to its highest level since the spring of last year.
The S&P 500 fell 20.88 points, or 0.5 percent, to 4,388.71. The Dow Jones Industrial Average dropped 245.25, or 0.7 percent, to 34,053.87, and the Nasdaq composite lost 22.28, or 0.2 percent, to 13,667.29.
The U.S. stock market took a step back following many steps forward on hopes the economy can avoid a recession and inflation is easing enough for the Federal Reserve to stop raising interest rates soon. A frenzy around artificial intelligence has also vaulted a select group of tech stocks to huge gains….