Stocks pull back after a record-setting win streak
NEW YORK (AP) — Stocks pulled back in afternoon trading on Wall Street Thursday as investors hit the pause button following a record-setting streak.
Shares of electric car maker Tesla skidded after investors weren't impressed with CEO Elon Musk's "master plan" for the company, which was posted on Tesla's website late Wednesday.
Stocks have climbed steadily upward since hitting a bottom nearly a month ago, aided by better-than-expected reports on corporate earnings and the U.S. economy.
Corporate earnings likely weakened last quarter, for example, and the U.S. economy is still growing at a weaker rate than before the Great Recession.
Even though stock prices may look expensive relative to how much profit companies are earning, Weiss said U.S. stocks can stay high because foreign stocks and bonds look even less attractive.
Southwest Airlines fell $3.62, or 8.6 percent, to $38.41 after reporting revenue and earnings growth that fell short of analysts' expectations.
The European Central Bank left all its interest rates at record lows, but its head said that it could add further stimulus as it gets a better sense of the effects of the United Kingdom's recent vote to leave the European Union.
Japan's benchmark Nikkei 225 added 0.8 percent, and South Korea's Kospi slipped 0.2 percent.