Stocks fell on Wednesday after disappointing economic data, but the S&P 500 index hung near an all-time intra-day high.
Disappointment came from a jobs report that showed less-than-expected hirings in the private sector in March, while a services sector index also came in below expectations.
Investors expect market movements to be slight before Friday's release of the broader non-farm payrolls report for March from the Labor Department.
"Investors now appear to be focused on the potential for continuing global economic growth in the year ahead," said Stuart T Freeman, chief equity strategist at Wells Fargo Advisors. The firm raised its year-end S&P 500 target range to 1,575-1,625 from an initial target of 1,525-1,575.
The S&P 500 has advanced more than 10 per cent this year and last week broke above its 2007 closing high. The Dow broke above its 2007 record on March 5.
The Dow Jones industrial average was down 68.19 points, or 0.47 per cent, at 14,593.82. The Standard & Poor's 500 Index was down 10.17 points, or 0.65 per cent, at 1,560.08. The Nasdaq Composite Index was down 17.37 points, or 0.53 per cent, at 3,237.49.
Disappointment came from a jobs report that showed less-than-expected hirings in the private sector in March, while a services sector index also came in below expectations.
Investors expect market movements to be slight before Friday's release of the broader non-farm payrolls report for March from the Labor Department.
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Momentum for the market to move higher remains, strategists say. The S&P has been near an intra-day record level of 1,576.09 for the past several sessions, inching to within three points on Tuesday before pulling back. The index still ended at a new closing high.
"Investors now appear to be focused on the potential for continuing global economic growth in the year ahead," said Stuart T Freeman, chief equity strategist at Wells Fargo Advisors. The firm raised its year-end S&P 500 target range to 1,575-1,625 from an initial target of 1,525-1,575.
The S&P 500 has advanced more than 10 per cent this year and last week broke above its 2007 closing high. The Dow broke above its 2007 record on March 5.
The Dow Jones industrial average was down 68.19 points, or 0.47 per cent, at 14,593.82. The Standard & Poor's 500 Index was down 10.17 points, or 0.65 per cent, at 1,560.08. The Nasdaq Composite Index was down 17.37 points, or 0.53 per cent, at 3,237.49.