Wall St wavers after S&P and Dow hit new highs

After a three-day record-setting rally, U.S. stocks took a breather on Wednesday, with investor focus now on corporate reports to see if the higher valuations are justifiable. A strong U.S. jobs report on Friday, easing political tension in Japan and Britain and increased prospects of central banks providing stimulus post Britain's vote to leave the European Union, calmed nerves and boosted faith in equities. The S&P hit a record high for the third consecutive day on Wednesday.