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The S&P 500 ended slightly lower on Thursday after briefly trading above its record closing high level for a second day, and the Dow also fell in the wake of a disappointing forecast from Cisco Systems Inc (CSCO.O).

The Dow Jones Industrial Average .DJI fell 80.12 points, or 0.29%, to 27,896.72, the S&P 500 .SPX lost 6.92 points, or 0.20%, to 3,373.43 and the Nasdaq Composite .IXIC added 30.27 points, or 0.27%, to 11,042.50.

The benchmark S&P 500 rose as high as 3,387.24 during the session, just above its record high closing level of 3,386.15 from Feb. 19. The record came just before investors sold shares in anticipation of what proved to be the biggest slump in the U.S. economy since the Great Depression. The index’s intraday record high of 3,393.52 was also set on Feb. 19.

An 11.2% slump in shares of Cisco Systems weighed on the Dow and S&P 500 after the company forecast first-quarter revenue and profit below estimates.

Concern about corporate earnings has continued despite a mostly stronger-than-expected second-quarter profit season.

Also limiting bearishness, jobless claims fell below 1 million for the first time since efforts to curb the COVID-19 outbreak in the United States began five months ago.

Reference: Reuters