US STOCKS-Wall St record-setting rally peters out
* S&P 500, Dow hit new intraday highs
* Investor focus now on earnings, valuations
* Allergan up on Teva deal update
* Indexes down: Dow 0.08 pct, S&P 0.17, Nasdaq 0.25 pct (Updates to early afternoon)
By Yashaswini Swamynathan
July 13 (Reuters) - U.S. stocks took a breather on Wednesday, with investors turning their focus to corporate earnings reports to justify valuations following a three-day record-setting rally.
A strong U.S. jobs report on Friday, easing political tension in Japan and Britain and increased prospects of central banks providing stimulus post Britain's vote to leave the European Union, calmed nerves and boosted faith in equities.
The S&P hit a record high for the third consecutive day on Wednesday. However, the three major U.S. indexes struggled to sustain momentum as investors looked for new catalysts.
"Markets are digesting their recent gains and are somewhat directionless. I think that it will be hard for us to go up much from here unless there are some positive surprises," said Daniel Kern, chief investment strategist at TFC Financial Management in Boston. Continuación...