Stock market today: Wall Street falls and takes a step back after its big rally

NEW YORK (AP) — 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 fell 0.5% Tuesday. The Dow lost 245 points, or 0.7%, and the Nasdaq composite gave back 0.2%. 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. THIS IS…