The S&P 500 edged lower on Thursday, coming off its record highs, as data showing signs of improvement in the labour market was not enough of a catalyst to add to the recent upward momentum. Utility and financial stocks were among the top decliners as investors unloaded some shares to take profits from the recent rally. The S&P utilities sector index slid 1.3 percent, while the S&P financial sector index shed 0.5 percent.
Technology shares, which were lower in earlier trading, turned around as Apple erased losses to trade flat by midday. Apple was off 0.1 percent at $460.36. The Dow Jones industrial average was down 9.73 points, or 0.06 percent, at 15,095.39. The Standard & Poor's 500 Index was down 4.31 points, or 0.26 percent, at 1,628.38. The Nasdaq Composite Index was down 1.51 points, or 0.04 percent, at 3,411.75.
The S&P 500 has climbed about 14.3 percent so far this year, while the Dow has advanced about 15.2 percent and the Nasdaq has gained 13.1 percent. Still, the market remains below overbought territory, with the relative strength index on the S&P 500 slightly below 70.
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