EDITOR'S NOTE
Even the market needs to take a breather every now and then.
The Dow Jones Industrial Average and S&P 500 closed lower on Wednesday, giving back a small portion of the gains that lifted them into record territory the day before. The Nasdaq Composite, meanwhile, eked out a small gain.
Disappointing unemployment data kept market sentiment in check. The Labor Department said that 778,000 people filed for first-time unemployment benefits last week. Economists polled by Dow Jones expected initial jobless claims to come in at 733,000. 
Wednesday’s decline wasn’t enough to derail what could be a historic month for the Dow. The benchmark was still on track for its best monthly gain since 1987. The small-cap Russell 2000, which dipped 0.5% on Wednesday, remained on pace for its biggest one-month advance ever, up about 20%.
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