S&P 500 steps back after record high

The S&P 500 pulled back from its newly set record on Wednesday after a meandering day of trading took a late turn lower.

The benchmark index fell by 14.93 points, or 0.4 percent, to 3,374.85, a day after it wiped out the last of its losses created by the pandemic and surpassed its February 19 peak.

The Dow Jones Industrial Average also gave up an earlier gain and lost 85.19, or 0.3 percent, at 27,692.88. The Nasdaq composite dropped 64.38, or 0.6 percent, at 11,146.46.

Indexes turned lower in the afternoon after the Federal Reserve released the minutes from its latest policy meeting. The central bank has been one of the main pillars propping up the market after it slashed short-term interest rates to their record low and essentially promised to buy as many bonds as it takes to keep markets running smoothly.

The Fed’s minutes showed again that policy makers are finding it difficult to forecast the path of the economy, which will depend greatly on what happens with the virus.-AP