Stocks fell broadly on Wall Street Friday following a shortened trading session a day after the Thanksgiving holiday that left the market slightly below its record highs.
Technology, health care and industrial stocks accounted for a big slice of the selling. Several big retailers also dragged the market lower as traders watched for signs that Black Friday got off to a strong start. Energy stocks took the heaviest losses as crude oil prices fell sharply. Bond yields rose.
Even with the pullback, the S&P 500 notched its seventh weekly gain in eight weeks. The benchmark index also closed out November with its strongest monthly gain since June.
"You had three solid days, plus the S&P was at an all-time high as of the close on Wednesday,” said Tom Martin, senior portfolio manager with Globalt Investments. “Really, from early October until now, it's been almost like a ruler straight up."
The S&P 500 index dropped 12.65 points, or 0.4%, to 3,140.98. The index hit all-time highs the first three days of the week.
The Dow Jones Industrial Average fell 112.59 points, or 0.4%, to 28,051.41. The Nasdaq slid 39.70 points, or 0.5%, to 8,665.47. The Russell 2000 index of smaller company stocks gave up 9.60 points, or 0.6%, or 1,624.50. Trading volume was lighter than usual with the markets open for only a half day.
Bond prices fell. The yield on the 10-year Treasury rose to 1.77% from 1.76% late Wednesday.
The three major stock indexes have notched multiple record highs in recent weeks. That helped drive their gains in November. The S&P 500 ended the month with a 3.4% gain, while the Dow rose 3.7%. The Nasdaq, which is weighted heavily with technology stocks, gained 4.5%.