Stocks struggled to determine direction as Wall Street took a slight pause after two days of record-making runs. The S&P 500 had closed at records on Monday and Tuesday. Crude oil pulled back from its highest levels in roughly a week after a read on crude inventories showed a smaller-than-expected decline. The EIA reported a 2.2-million-barrel decline in stocks over the past week. Metlife (MET) was downgraded to hold with a $44 price target from buy at Deutsche Bank. Analysts said the financial institution lacks near-term catalysts. Michaels (MIK) tumbled after announcing a secondary offering of 11 million shares, one million of which it would repurchase. The arts and crafts retailer also reduced second-quarter earnings forecasts below consensus.
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