Wall Street falls and takes a step back after its big rally

After enjoying a five-week rally that propelled Wall Street to its highest level since last year, stocks experienced a pullback in Tuesday’s trading.

The S&P 500 declined by 20.88 points, equivalent to 0.5%, closing at 4,388.71. Similarly, the Dow Jones Industrial Average dropped by 245.25 points, or 0.7%, reaching 34,053.87.

The Nasdaq composite also experienced a loss of 22.28 points, or 0.2%, settling at 13,667.29.

The retreat in the U.S. stock market follows a series of positive strides, fueled by optimism that the economy will avoid a recession and that inflation will ease sufficiently for the Federal Reserve to halt its interest rate hikes in the near future, the Associated Press reports.

READ MORE: https://apnews.com/article/stock-market-economy-inflation-china-22803fd227eb24fe0de9ca7fce74b376

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