U.S. stocks declined following the Standard & Poor’s 500 Index’s strongest three-day advance in almost six months, as banks, technology and consumer shares lost momentum after bolstering the rally.
The S&P 500 slipped 0.5 percent to 1,917.79 at 4 p.m. in New York, halting a winning streak after the gauge’s 1.7 percent climb on Wednesday capped its first three-day gain of the year. The Nasdaq Composite Index fell 1 percent as Apple Inc. and Google parent Alphabet Inc. sank more than 1.9 percent.
Equities lost momentum Thursday after recent gains that have come just as fast as the losses that sent the S&P 500 to its worst start to any year. Almost half of 2016’s decline was erased in the prior three sessions as the most beaten-down industries, including banks, technology and retailer shares, led a comeback. The benchmark is still down about 10 percent from its May record, and has lost 6.2 percent this year amid signs of weakness in the global economy and falling commodity prices.