Rally fades on Wall Street, pulling indexes below records

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NEW YORK, New York (AP) — An early rally on Wall Street lost steam by the closing bell Wednesday, leaving major indexes mixed. The S&P 500 rose 0.8%, thanks largely to gains in big technology companies.

The Nasdaq rose 2% and the Dow Jones industrials edged down 0.1%.

The S&P 500 and the Dow had earlier looked like they could close at record highs, but new restrictions in New York and California helped deflate the market’s gains.

The Dow fell partly due to losses in American Express and Disney, which shot higher this week after news of progress toward a successful coronavirus vaccine sent travel and entertainment companies surging.