The Dow and S&P 500 reversed course to trade lower on Friday, while the Nasdaq fell more than 1% after comments on stimulus tapering from Federal Reserve Chair Jerome Powell spooked markets trading at record levels.
The Dow and the S&P 500 had hit record highs earlier in the session on positive earnings from American Express, before Powell said that the U.S. central bank is "on track" to begin reducing its purchases of assets.
Seven of the 11 major S&P 500 sector indexes were still higher by early afternoon, while the communication services sector
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