By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market fell on
Wednesday, with the main benchmarks retreating from record
highs.
The Dow Jones Industrial Average (DJI) , which was only 54
points from reaching the 17,000 level after Tuesday's close, was
set back from that milestone. It was down 75 points at 16,871.
Read: Buybacks are the driving force behind the imminent Dow
17,000.
Weighing on sentiment was a report from the World Bank, which
cut a global growth forecast, saying that the harsh winter in the
U.S. and a conflict between Russian and Ukraine dragged growth in
the U.S. and Europe during the first quarter.
The S&P 500 (SPX) was 6 points, or 0.3%, lower at
1,944.62.
The Dow Jones Industrial Average (DJI) lost 64 points, or 0.4%,
to 16,881.90, after closing at a record level on Tuesday.
The Nasdaq Composite (RIXF) fell 16 points, or 0.4%, to
4,321.80.
Follow MarketWatch's live blog of Wednesday's stock-market
action.
Earnings releases sparked some action in individual stocks.
H&R Block (HRB) shares rallied 4.3% after fiscal
fourth-quarter profit and revenue jumped as a late start to the tax
reason pulled revenue into the tax-services provider's latest
quarter.
Shares of U.S. airline companies were hit, following a profit
warning for both 2014 and 2015 by Deutsche Lufthansa AG .
Delta Air Lines Inc. (DAL) fell 3%, American Airlines Group Inc.
(AAL) dropped 2.4% and United Continental Holdings Inc. (UAL) lost
2.5%.
Ulta Salon Cosmetics & Fragrance Inc. (ULTA) shares surged
14.7% after the company posted gains in earnings and sales late
Tuesday.
Across other markets, European stocks followed the U.S. into the
red, and index wasn't helped by a 14% plunge in shares of Deutsche
Lufthansa AG .
Asian stocksdidn't provide much buying impetus either, with Hong
Kong's Hang Seng Index falling 0.3% after two straight days of
gains.
July crude-oil prices (CLN4) found support ahead of expectations
of a fall in U.S. crude supplies. The Organization of Petroleum
Exporting Countries said on Wednesday it would keep its official
production target unchanged at 30 million barrels a day, according
to media reports.
Gold for August delivery (GCZ4) rose slightly, while the dollar
(EURUSD) continued to trek higher against the euro.
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