U.S. stocks retreated on Friday, ending the longest advance by the Dow Jones industrial average in more than 16 years and containing the S&P 500 just as it neared its record close.
“The market is looking for any excuse to take a breather. We’ve been heading up for a time, so this is just a pause. You can’t go up all the time, just like you can’t go down all the time,” said Richard “Chip” Cobb, a portfolio manager at BMT Asset Management in Bryn Mawr, Pa.
On the run after a 10-session advance, its longest win streak in more than 16 years, the Dow Jones industrial average fell 25.03 points, leaving it with a 0.8 percent weekly gain. A day after closing within two points of the all-time closing high, the S&P 500 index on Friday fell 2.53 points.