U.S. stocks edged back from their record heights after the Dow Jones industrial average briefly topped the 40,000 level for the first time.
U.S. stocks edged back from their record heights Thursday after the Dow Jones industrial average briefly topped the 40,000 level for the first time. The Dow slipped 38.62 points, or 0.1%, to 39,869.38. The Standard & Poor's 500 index, which is much more widely followed on Wall Street, dipped 11.05, or 0.2%, to 5,297.10, and the Nasdaq composite fell 44.07, or 0.3%, to 16,698.32. All three indexes had rallied Wednesday to all-time highs.
Sportswear maker Under Armour swung between losses and gains after it warned that its revenue will be likely down by “a low double-digit percentage rate” this fiscal year, citing weaker demand from wholesalers and “inconsistent execution across our business.” The company announced a restructuring plan to cut costs and also announced a program to buy back up to $500 million of its stock. It dropped 1.3%. Stronger-than-expected profit reports have been one of the main reasons U.S.
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