U.S. stocks struggled to retain gains on Friday, retreating from opening highs in the latest example of choppy intraday action as investors adjust to an economic environment marked by the possibility of both higher inflation and borrowing costs.
The Dow Jones Industrial Average slumped by 51 points, or 0.2%, to 23,809, having earlier risen as high as 24,209.50. The S&P 500 was flat at 2,580. The Nasdaq Composite Index gave up 5 points, or less than 0.1%, to 6,772.
At current levels, the Dow down is off 10% from its all-time high while the S&P 500 is 9.7% below its own and the Nasdaq is down 9.2%.
According to financial blog SentimenTrader, Thursday’s drop marked the Dow’s fourth-fastest decline into correction territory from an all-time high, based on data that goes back to 1897.