The Dow and S&P 500 retreated slightly Wednesday from record levels as a drop in technology stocks offset a rally in energy shares. Fred Katayama reports.
A drop in technology stocks offsetting a rally in energy shares Wednesday, slightly pulling down the Dow and S&P 500 from record levels. Stocks stayed in the red after the release of the minutes from the last Fed meeting, which showed many policymakers expect rates to be raised in the "near term". First Standard Financial market economist Peter Cardillo: SOUNDBITE: PETER CARDILLO, MARKET ECONOMIST, FIRST STANDARD FINANCIAL, (ENGLISH) SAYING: "We're not hearing anything out of Washington in terms of the tax reform, so I think that could be another reason we're seeing a little profit taking going into the holiday weekend." HP Eneterprise among the biggest drags on the S&P. CEO Meg Whitman says she'll step down in February. She had overseen one of the biggest corporate breakups in history. GameStop's shares plummeted. Benchmark Company's analyst warned that digital players will replace the retailer's model of physically selling gaming hardware and software. Plowing higher: Deere. The farm equipment maker known for its green tractors reported surging quarterly profit and sales and issued a bullish outlook. In economics news, orders for key capital goods unexpectedly fell in October. Separately, the number of Americans filing for jobless benefits fell last week, reversing the prior week's increase. In Europe, the markets closed mostly lower led down by a drop in tech shares.