US shares backtrack after recent gains
(Closed): Stocks on Wall Street fell on Thursday following a run of three consecutive days of gains.
The S&P 500 index was 3 points lower to 2,115. On Wednesday the S&P 500 closed just 12 points away from its all-time closing high of 2,130.82.
Shares in banks were among the biggest losers, as the price of long-term interest rates fell.
The Federal Reserve meets next week. It is now widely expected that the central bank will not raise interest rates, a move that could have been profitable for banks.
Investors were responding to a fall in oil prices.
Home goods retailer Restoration Hardware saw its share price drop 21% after reporting a drop in earnings.
JM Smucker on the other hand saw an 8% jump in its shares after it reported a $191m profit for the fourth quarter.
Smucker, which owns Dunkin' Donuts and Pillsbury, had better than expected sales in its coffee and pet food divisions.
Shares of Yahoo also rose after rumours surfaced that several potential buyers are bidding $5bn or more for its core business.