US stocks retreat from record highs

US and European stocks pulled back from record highs, with Wall Street’s main equities gauges at one point tumbling more than 1 per cent. The S&P 500 and Dow Jones Industrial Average each closed about 0.4 per cent below Wednesday’s record highs, staging gradual recoveries in the afternoon to recover from drops of as much as 1.3 per cent late in the morning session. The Nasdaq Composite fared worse, down 0.7 per cent, but coming in from a decline of as much as 1.8 per cent.