Stocks fell as valuation worries overshadowed data showing the economy is holding up. The figures didn’t have much of an impact on Federal Reserve bets, but short-dated yields climbed. Bitcoin sank.
Following a series of all-time highs, the S&P 500 dropped for a third straight session, the longest slide in a month. That’s despite data showing US gross domestic product grew at the fastest pace in nearly two years.
Wall Street parses data.
Photographer: Michael Nagle/Bloomberg
“We agree that the economy is strong and growing,” said Chris Zaccarelli at Northlight Asset Management, “but a lot of that good news is already priced in. Where we have ...
