S&P 500 Recedes from All-Time Highs in Quiet Action

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

The broad S&P 500 inched off its record highs on Wednesday as traders digested a handful of corporate news reports.

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The Dow Jones Industrial Average fell 42.3 points, or 0.25%, to 16633, the S&P 500 declined 2.1 points, or 0.11%, to 1910 and the Nasdaq Composite fell 12 points, or 0.28%, to 4225.

The volatility on Wall Street this winter seems almost quaint now as temperatures warm up, the economy normalizes, volatility drops and the S&P 500 finds itself right back at its record highs. The broad-market barometer is up just north of 3% for year, however, meaning its far from the blockbuster growth experienced last year. Meanwhile, volume has been very light over the past few weeks as traders prepare for the traditional summer lull.

The U.S. data docket is bare on the day, following a round of mostly upbeat news on Tuesday. Some traders eyed disappointing data from Germany. The unemployment total in Europe's powerhouse economy actually increased in May, confounding economists who expected the tally to dip.

On the corporate front, Google (NASDAQ:GOOG) revealed details on its driverless car that lacks conventional items such as a steering wheel. The project isn't expected to be a major profit driver -- at least in the short term -- but it captured attention on a quiet news day.

Valeant (NYSE:VRX) upped its offer to buyout botox maker Allergan (NYSE:AGN) to about $50 billion.

Elsewhere, U.S. crude oil futures rose 4 cents, or 0.03%, to $104.15 a barrel. Wholesale New York Harbor gasoline fell 0.14% to $2.99 a gallon. Gold was little changed at $1,265 a troy ounce.

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