Stocks closed lower in Wall Street’s first trading after a five-week rally carried it to its highest level since the spring of last year.

The S&P 500, the Dow Jones Industrial Average and the Nasdaq composite fell. The U.S. stock market took a step back after rising on hopes the economy can avoid a recession and inflation is easing enough for the Federal Reserve to stop raising interest rates soon. Critics say the Fed may have to keep rates higher for longer, which would pressure the economy.

On Tuesday:

The S&P 500 fell 20.88 points, or 0.5 percent, to 4,388.71.

The Dow Jones Industrial Average fell 245.25 points, or 0.7 percent, to 34,053.87.

The Nasdaq composite fell 22.28 points, or 0.2 percent to 13,667.29.

The Russell 2000 index of smaller companies fell 8.77 points, or 0.5 percent, to 1,866.70.

For the year:

The S&P 500 is up 549.21 points, or 14.3 percent.

The Dow is up 906.62 points, or 2.7 percent.

The Nasdaq is up 3,200.81 points, or 30.6 percent.

The Russell 2000 is up 105.45 points, or 6 percent.

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