BREAKING: S&P 500, Dow Retreat From Record Closing Highs After Grim Jobless Data

Photo: Reuters

NEW YORK (Reuters) - The S&P 500 index closed lower on Wednesday as mounting U.S. layoffs in the wake of new mandated lockdowns to contain surging COVID-19 infections dampened investor risk appetite.

The index and the Dow Jones Industrial Average retreated from record closing highs, pulled lower by cyclicals and small caps that drove the rally earlier in the week. Pandemic-resilient technology (tech) and tech-adjacent market leaders helped keep the Nasdaq afloat.

A wide range of data released in advance of Thursday's Thanksgiving holiday was dominated by a second consecutive week of unexpected jobless claims increases, suggesting that new restrictions to combat spiking coronavirus cases could hobble the struggling labor market's recovery.

The Dow Jones Industrial Average fell 173.77 points, or 0.58%, to 29,872.47; the S&P 500 lost 5.76 points, or 0.16%, to 3,629.65; and the Nasdaq Composite added 57.08 points, or 0.47%, at 12,094.40.

Of the 11 major sectors of the S&P 500 seven ended the session in the red, with energy suffering the largest percentage loss.

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