Wall Street recedes from highs as quarterly reports loom

Wall StreetWall Street

Wall Street fell from record levels on Monday as gains in Microsoft and other technology stocks failed to offset a drop in General Electric and a slide in healthcare stocks.

The S&P healthcare index moved 0.67 percent lower, weighed by a 3.61-percent slide in Medtronic after the medical device maker warned that its quarterly profit would be impacted after Hurricane Maria hit its operations in Puerto Rico.

The S&P 500 has rallied 14 percent in 2017 and last week hit record highs, buoyed by strong company earnings and enthusiasm that President Donald Trump will cut corporate taxes.

The Dow Jones Industrial Average declined 0.06 percent to end at 22,761.07, while the S&P 500 lost 0.18 percent to 2,544.73. The Nasdaq Composite dropped 0.16 percent to 6,579.73.

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