The rally that sent U.S. indexes to records earlier this week lost momentum Wednesday. The Dow industrials and the S&P 500 broke yearlong droughts to reach new highs this week, a sign that U.S. stocks are relatively appealing even as investors grapple with concerns about the global economy and the shakeout from the U.K.'s vote to exit the European Union. Trading was choppier on Wednesday, as stocks alternated between slight gains and losses before edging lower around midday. For indexes to keep pushing higher, some said they were waiting for a reversal of bets on havens, or signs of improvement in corporate earnings, which are expected to fall for a fifth consecutive quarter, according to FactSet.
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