Stocks closed slightly lower on Wall Street Wednesday after an early rally fueled by optimism over the next round of trade talks between the U.S. and China lost momentum toward the end of the day.
Stocks rose early after comments from Treasury Secretary Steven Mnuchin raised hopes for a U.S.-China trade deal. Losses in health care stocks, consumer goods makers and utilities offset solid gains in technology sector companies.
The S&P 500 index dropped 3.60 points, or 0.1%, to 2,913.78.
The Dow Jones Industrial Average fell 11.40 points, or 0.04%, to 26,536.82.
The Nasdaq composite gained 25.25 points, or 0.3%, to 7,909.97.
The Russell 2000 index of smaller company stocks fell 3.26 points, or 0.2%, to 1,517.78.
For the week:
The S&P 500 is down 36.68 points, or 1.2%.
The Dow is down 182.31 points, or 0.7%.
The Nasdaq is down 121.74 points, or 1.5%.
The Russell 2000 is down 31.85 points, or 2.1%.
For the year:
The S&P 500 is up 406.93 points, or 16.2%.
The Dow is up 3,209.36 points, or 13.8%.
The Nasdaq is up 1,274.69 points, or 19.2%.
The Russell 2000 is up 169.22 points, or 12.6%.