By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — Wall Street is edging back from its record heights on Thursday after a disappointing report said inflation was worse last month at the U.S. wholesale level than economists expected.

The S&P 500 slipped 0.2% from its all-time high set the day before. The Dow Jones Industrial Average was down 104 points, or 0.2%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was shaving 0.1% off its own record.

Stocks dipped after data from the U.S. government said prices at the U.S. wholesale level jumped 3.3% last month from a year earlier. That was well above the 2.5% rate that economists had forecast, and it could hint at higher inflation ahead for U.S. shoppers as it makes its way through the system.

The discouraging data fo

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