Wall Street Yields Gains As Rally Loses Momentum

Stocks are giving back some of their gains from earlier in the week as Wall Street’s rally loses steam. The S&P 500 was down 0.3% in early trading, on track for its first drop in seven days, the Associated Press (AP) reported.

The S&P 500 was down 0.3% in early trading, the Dow Jones Industrial Average was down by 69 points, or 0.2%, while the Nasdaq composite declined by 0.4%. I Photo: New York Stock Exchange Facebook

The Dow Jones Industrial Average fell by 69 points, or 0.2%, while the Nasdaq composite declined by 0.4%.

Treasury yields dropped in the bond market after a report showed that homebuilders broke ground on fewer projects last month. The weaker-than-expected report cooled the market following a series of better-than-expected economic data earlier this week.

Japanese stocks led the gains in global markets Friday after Wall Street posted one of its best days of the year, buoyed by data showing that the US economy is holding up better than expected, particularly due to strong consumer spending.

European markets were mostly higher, with Germany’s DAX rising 0.5% to 18,268.78, and the CAC 40 in Paris up 0.2% to 7,440.64.

In London, the FTSE 100 shed 0.3% to 8,326.47 after UK retail sales rebounded from a 0.9% decline in June to a 0.5% increase in July, according to the Office for National Statistics.