Stocks close shortened day with losses

Stocks fell broadly on Wall Street Friday following a shortened trading session a day after the Thanksgiving holiday that left the market slightly below its record highs.

Technology, health care and industrial stocks accounted for a big slice of the selling. Several big retailers also dragged the market lower as traders watched for signs that Black Friday got off to a strong start. Energy stocks took the heaviest losses as crude oil prices fell sharply. Bond yields rose.

Even with the pullback, the S&P 500 notched its seventh weekly gain in eight weeks. The benchmark index also closed out November with its strongest monthly gain since June.

“You had three solid days, plus the S&P was at an all-time high as of the close on Wednesday,” said Tom Martin, senior portfolio manager with Globalt Investments. “Really, from early October until now, it’s been almost like a ruler straight up.”

The S&P 500 index dropped 12.65 points, or 0.4 percent, to 3,140.98. The index hit all-time highs the first three days of the week.

The Dow Jones Industrial Average fell 112.59 points, or 0.4 percent, to 28,051.41. The Nasdaq slid 39.70 points, or 0.5 percent, to 8,665.47. The Russell 2000 index of smaller company stocks gave up 9.60 points, or 0.6 percent, or 1,624.50. Trading volume was lighter than usual with the markets open for only a half day.

Bond prices fell. The yield on the 10-year Treasury rose to 1.77 percent from 1.76 percent late Wednesday.

The three major stock indexes have notched multiple record highs in recent weeks. That helped drive their gains in November. The S&P 500 ended the month with a 3.4 percent gain, while the Dow rose 3.7 percent. The Nasdaq, which is weighted heavily with technology stocks, gained 4.5 percent.

The stock market has been grinding

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