Wall Street takes tiny step back from record highs

A rally to several all-time highs since late June has left the S&P 500 up nearly 7 percent in 2016, with many investors concerned about stretched valuations. Everyone is sitting there saying ‘Holy cow, what did we do?’,” said Brad McMillan, chief investment officer at Commonwealth Financial Network. Pressured by losses in Bristol-Myers, Merck and Allergan, the S&P 500 healthcare index dipped 0.9 percent while the Nasdaq biotech index dropped 1.1 percent.