S&P 500 Dips After Briefly Surpassing 5,500 for the First Time: Live Market Updates
The S&P 500 pulled back on Thursday after briefly passing the 5,500 level for the first time ever as market bellwether Nvidia gave up earlier gains. The broad market index fell 0.3% after edging up as much as 0.3% at session highs. The Nasdaq Composite dropped 0.9%, while the Dow Jones Industrial Average outperformed, rising 280 points, or 0.7%, heading for its best day since May.
“Seasonally adjusted, it’s a low volume period for markets and there doesn’t seem to be a whole lot driving things on a day-to-day basis,” said Nathan Kotler, head of trading at GenTrust. “You’re starting to see some signs of getting a little bit overextended, but there’s been an incredible amount of momentum which has continued this week.”