Stocks pull below record but still end best month this year | National News

Currency traders watch monitors at the

Stocks pulled back on Wall Street, easing the S&P 500 below the record high it set a day earlier, but still closed out their best month this year. The S&P 500 gave up 0.7% Friday as investors backed away from technology and communications companies. The market has been climbing this month as investors remain optimistic that the pandemic is slowly and steadily coming to a close. The S&P 500 rose 5.2% in April, its best monthly gain since November 2020, when President Joe Biden was elected. The yield on the 10-year Treasury note slipped to 1.63%

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Stocks fell broadly in afternoon trading Friday as investors backed away from technology and communications companies.

Despite the decline, the market is on pace for its best month so far this year, as investors remain optimistic that the pandemic is slowly and steadily coming to a close.

The S&P 500 was down 0.7% as of 2:56 p.m. Eastern. The Dow Jones Industrial Average fell 194 points, or 0.6%, to 33,867 and the Nasdaq was down 0.8%. The S&P 500 is on pace for a modest weekly gain.

The S&P 500 is up 5.3% in April, on track for its best month since November 2020, when President Joe Biden was elected. Under Biden, the Dow notched its best first 100 days under a new president since Franklin Delano Roosevelt took office in 1933, according to LPL Financial, with a 9.9% return as of April 29. The Dow delivered a 6.1% return during former President Donald Trump’s first 100 days in office.