Slight losses on Wall Street Thursday have put Wall Street's record-making streak on the line.
The S&P 500 fell 0.3%. The Dow Jones Industrial Average slid 0.14% and the Nasdaq fell 0.3%.
Markets had little reason to push higher after climbing to new heights over the past five sessions. The S&P 500 had risen 2.4% from last Thursday to Wednesday, while the Dow climbed 2.7%.
Stocks ended Wednesday with their fifth record close in a row, the longest record-making streak since a six-session stretch from late 1991 to early 1992. Donald Trump has largely been given credit for recent gains as he continues to tempt investors with details of a forthcoming tax plan. So far, no details of the president's self-described "massive" tax reform have been divulged, though.
Trump nominated Alexander Acosta, dean of Florida International University College of Law and former member of the National Labor Relations Board, to lead the Department of Labor. His nomination comes less than 24 hours after his original pick Andrew Puzder stepped down. Trump announced the decision to nominate Acosta as Labor Secretary at a press conference in Washington, D.C. on Thursday.
Trump also said his team would submit a health care proposal in March. The highly-anticipated tax reform plan would be submitted afterwards, Trump told reporters.
Initial jobless claims rose at a slower-than-expected pace in the past week, confirming strength in the U.S. labor market. The number of new claims for unemployment benefits rose by 5,000 to 239,000 in the past week, according to the Labor Department. Analysts expected claims to rise to 245,000. The less-volatile, four-week average climbed by 500 to 245,250.