The S&P 500 briefly traded above its record high before closing just shy of that record Thursday. A slump in Cisco Systems shares following weak earnings forecast weighed on the Dow and S&P 500.
Both indexes fell a fraction. The Nasdaq gained a quarter percent.
Americans filed fewer claims for unemployment benefits last week, but the expiration of a $600 weekly jobless supplement in July likely contributed to the broader market’s decline.
National Securities chief market strategist, Art Hogan, says the stalemate over a fresh stimulus package also pressured stocks.
“I think the market’s biggest concern right now is business-as-usual in Washington slowing down the process of getting this next level of support out to individuals and small-and-medium businesses.”
Back on Wall Street, shares of Apple rose nearly 2%, taking the company closer to a $2 trillion valuation. The iPhone maker is reportedly planning to offer a combination of its digital services in subscription bundles at a lower monthly price.
Shares of AMC Entertainment jumped 14%. The movie theater operator said it will reopen more than 100 venues in the U.S. starting August 20.
Tapestry shares fell. The owner of the Coach and Kate Spade brands lost less money than analysts expected in the latest quarter, but its weak revenue forecast disappointed Wall Street.