MARKET SNAPSHOT: U.S. Stocks Retreat From Record; Airline Stocks Slide

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market fell on Wednesday, with the main benchmarks retreating from record highs.

The Dow Jones Industrial Average (DJI) , which was only 54 points from reaching the 17,000 level after Tuesday's close, was set back from that milestone. It was down 75 points at 16,871. Read: Buybacks are the driving force behind the imminent Dow 17,000.

Weighing on sentiment was a report from the World Bank, which cut a global growth forecast, saying that the harsh winter in the U.S. and a conflict between Russian and Ukraine dragged growth in the U.S. and Europe during the first quarter.

The S&P 500 (SPX) was 6 points, or 0.3%, lower at 1,944.62.

The Dow Jones Industrial Average (DJI) lost 64 points, or 0.4%, to 16,881.90, after closing at a record level on Tuesday.

The Nasdaq Composite (RIXF) fell 16 points, or 0.4%, to 4,321.80.

Follow MarketWatch's live blog of Wednesday's stock-market action.

Earnings releases sparked some action in individual stocks.

H&R Block (HRB) shares rallied 4.3% after fiscal fourth-quarter profit and revenue jumped as a late start to the tax reason pulled revenue into the tax-services provider's latest quarter.

Shares of U.S. airline companies were hit, following a profit warning for both 2014 and 2015 by Deutsche Lufthansa AG .

Delta Air Lines Inc. (DAL) fell 3%, American Airlines Group Inc. (AAL) dropped 2.4% and United Continental Holdings Inc. (UAL) lost 2.5%.

Ulta Salon Cosmetics & Fragrance Inc. (ULTA) shares surged 14.7% after the company posted gains in earnings and sales late Tuesday.

Across other markets, European stocks followed the U.S. into the red, and index wasn't helped by a 14% plunge in shares of Deutsche Lufthansa AG .

Asian stocksdidn't provide much buying impetus either, with Hong Kong's Hang Seng Index falling 0.3% after two straight days of gains.

July crude-oil prices (CLN4) found support ahead of expectations of a fall in U.S. crude supplies. The Organization of Petroleum Exporting Countries said on Wednesday it would keep its official production target unchanged at 30 million barrels a day, according to media reports.

Gold for August delivery (GCZ4) rose slightly, while the dollar (EURUSD) continued to trek higher against the euro.

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