Stocks Slip From Highs, Closing Out a Down Week

A modest pullback for US stocks Friday eased the market from all-time highs and left major stock indexes on Wall Street in the red for the week.

• The Dow dropped 279.13 points to 44,371.51.
• The S&P 500 fell 20.71 points to 6,259.75.
• The Nasdaq slipped 45.14 points to 20,585.53.

The selling capped an uneven week in the market, the AP reports, as Wall Street kept an eye on the Trump administration's rollout of new tariff threats against trading partners like Canada and looked ahead to the corporate earnings reporting season.

President Trump said in a letter Thursday that he will raise taxes on many imported goods from Canada to 35%, deepening the rift between the allies. The letter to Canadian Prime Minister Mark Carney is an aggressive increase to the top 25% tariff rates that Trump first imposed in March. The initial rollout of Trump's tariff policies in the spring roiled financial markets. But Wall Street has been relatively stable in recent weeks, with stocks steadily rising to record levels. That suggests the market has mostly adjusted to the unpredictability of Trump's rapidly shifting tariffs. "Markets appear to believe that Trump will again back down," Paul Ashworth of Capital Economics wrote Friday. "We are not so sure."

On Friday, Levi Strauss jumped 11.3% after the jeans maker easily beat Wall Street's sales and profit targets and raised its full-year forecast, despite expecting higher costs from tariffs. PriceSmart climbed 5.3% a day after the warehouse club operator delivered solid third-quarter results. Shares in financial and health care sector companies were the biggest weights on the market. Visa fell 2.2%, and Gilead Sciences dropped 4.3%. Several airline stocks lost ground a day after encouraging quarterly results from Delta Air Lines set off a rally in the sector. Delta slipped 0.2%, United fell 4.3%, and American gave up 5.6%.