Stocks edge back further from their all-time highs on Wall Street

Wall Street slipped a bit further from its record heights on Tuesday. The S&P 500 fell 14.61 points, or 0.3%, to 5,203.58 for its third straight modest drop since setting an all-time high. The Dow Jones industrial average dipped 31.31 points, or 0.1%, to 39,282.33, and the Nasdaq composite fell 68.77 points, or 0.4%, to 16,315.70. Stock indexes were modestly higher for much of the day thanks to several major tech stocks. Tesla rose 2.9% and Alphabet ticked up 0.4%.

The S&P 500 has already roared 9% higher this year and is on track to close out its fifth straight winning month. Excitement is high because the U.S. economy has remained remarkably resilient despite high interest rates meant to get inflation under control. Plus, the Federal Reserve looks set to start lowering interest rates this year because inflation has cooled from its peak. Strong buying of stock by companies themselves has also helped to support prices.

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