S&P 500, Dow Jones retreat from record highs after bleak jobless data

Wall Street was mixed on Wednesday as surging layoffs in the wake of a new round of shutdowns to contain spiraling COVID-19 infections dampened investor risk appetite. The S&P 500 and the Dow Jones Industrial Average retreated from record closing highs, pulled lower by cyclicals and small caps that drove the rally earlier in the week. Pandemic-resilient tech and tech-adjacent market leaders helped keep the Nasdaq afloat.

"Days like we're seeing today on the heels of strong growth is a response to the ebb and flow of the market," said Matthew Keator, managing partner in the Keator Group, a wealth management