US stocks dip as market rally pauses near record highs

US stocks dip as market rally pauses near record highs

US equities fell slightly on Friday as bullish investors stopped to take stock of the market's record-setting rally.

The S&P 500 climbed to an all-time high on Thursday as stimulus hopes and declining jobless claims bolstered bullish sentiments. Momentum has since stalled as investors weigh whether stocks have room to move higher. While Democrats continue to push for a $1.9 trillion relief package, stretched valuations and lasting pain in the labor market stand to curb further gains.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

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Separately, the emergence of new COVID-19 strains threatens optimism around an improving pace of vaccination. The US administered 1.62 million doses per day on average last week, bringing the nationwide total to 48 million vaccinations. President Joe Biden announced Thursday the drive will accelerate further still, with the US completing orders for 100 million additional doses from Pfizer and Moderna.

Yet public health experts have warned the shots are less effective against new,