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Indexes are weighed down by industrials, energy stocks

Traders work on the floor of the New

Traders work on the floor of the New York Stock Exchange on Wednesday, Jan. 17, 2018. Credit: Getty Images / Spencer Platt

Losses among Boeing, General Electric and other big industrial companies weighed on stocks Thursday, pulling the market below the record highs it set the day before.

Energy stocks contributed to the modest decline following a slide in crude oil prices. Technology companies accounted for the biggest gains. Bond yields climbed to their highest level since March.

Investors kept an eye on company earnings while also monitoring developments in Washington ahead of a possible federal government shutdown this weekend.

The market’s dip from its latest highs represents “just a little setback,” said Craig Callahan, chief investment officer at ICON Advisers. “We’re still bullish and expect the market to move higher over the next year.”

The Standard & Poor’s 500 index fell 4.53 points, or 0.2 percent, to 2,798.03. The Dow Jones industrial average lost 97.84 points, or 0.4 percent, to 26,017.81. The Nasdaq slid 2.23 points, or 0.03 percent, to 7,296.05. The Russell 2000 index of smaller-company stocks gave up 9.93 points, or 0.6 percent, to 1,576.73.

In Washington, where Republicans and Democrats scrambled to avert a possible federal government shutdown before a midnight Friday deadline.

A shutdown could hurt consumer spending and financial conditions, though it’s unlikely that it would cause lasting damage to the economy, Credit Suisse economists said in a note Thursday.

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