Wall St slips from records, Nasdaq leads declines

The Dow fell 68.66 points, or 0.18%, to 38,722.69, the S&P 500 lost 33.67 points, or 0.65%, to 5,123.69 and the Nasdaq lost 188.26 points, or 1.16%, to 16,085.11.

NEW YORK: The S&P 500 and Nasdaq closed lower on Friday after touching record highs during the session, with high-flying chip stocks going into reverse and a mixed labor market report that showed more new jobs than expected with a rising unemployment rate.

The S&P and Nasdaq briefly hit intraday record highs but started to lose steam late morning. The Philadelphia Semiconductor Index sharply underperformed and ended the day down 4% after touching an intraday record high.