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S&P 500 Retreats from 7,500 as Yields Jump and Intel Tumbles 7.7%

U.S. stocks fell sharply Friday, validating the cautious tone of the morning’s setup and turning Thursday’s record close above 7,500 into the week’s top, not its springboard. The S&P 500 closed at 7,408.50, down 92.74 points or 1.24%, slipping decisively back under the line it had only just cleared. The Dow Jones Industrial Average dropped 537.29 points, or 1.07%, to 49,526.17, giving back its 50,000 handle. The Nasdaq Composite slid 1.54% to 26,225.15, and the Russell 2000 was the day’s worst major index, off 2.44% to 2,793.30.