Investing.com -- U.S. stocks fell broadly on Tuesday, one day after the Dow Jones Industrial Average and S&P 500 traded in record territories, while the NASDAQ Composite index reached the 5,000 level for the first time in 15 years.
For the second consecutive year, rough winter weather hampered U.S. domestic vehicle sales as several automakers struggled to meet projections for the month of February. Ford Motor Company (NYSE:F) fell more than 2% percent to 16.17, while the U.S. traded Fiat Chrysler Automobiles NV (NYSE:FCAU) plunged 3.28% to 15.31 on Tuesday.
Already pushed down by losses in the health care, industrials and information technology sectors, stocks fell further during Israeli prime minister Benjamin Netanyahu's address to Congress during midday trading. Netanyahu tried to persuade legislators to avoid striking a deal with Iran on the nation's nuclear program, describing its Middle East neighbors as a "threat to the entire world," and a regime that will "always be America's problem."
Stocks on the Dow Jones Industrial Average fell 0.47% or 85.26 points to 18,203.37. At one point on Tuesday, the Dow dropped 150 points before rebounding in late trading.
The biggest gainer on the Dow Jones Industrial Average on Tuesday was Boeing Company (NYSE:BA), which gained 1.10% or 1.69 to 155.49, after the chief financial officer of United Continental Holdings Inc. (NYSE:UAL) said in an interview with Reuters that he saw a potential fit with the Washington-based company's 777-300ER aircraft. The worst performer, meanwhile, was Cisco Systems (NASDAQ:CSCO), which fell 2.12% or 0.64 to 29.55.
One day after cracking the 5,000 barrier, the NASDAQ Composite index dropped 0.56% or 28.20 to 4,979.90. Biotech stocks fell sharply amid news from California-based company Gilead Sciences Inc (NASDAQ:GILD). A day earlier, Gilead's expensive Hepatitis C pill was endorsed for use on the state health service in the United Kingdom, where it costs substantially less than prices in the United State. Gilead Sciences dropped 0.81% or 0.84 to 102.99.
Elsewhere, among biotech stocks MannKind Corporation (NASDAQ:MNKD), a pharmaceutical company that focuses on the development of products to help treat diseases such as diabetes and cancer, fell 7.23% or 0.48 points to 6.16. MannKind Corporation stock fell after it was downgraded by Goldman Sachs (NYSE:GS), amid concerns of pricing pressure. Two other biotech companies, Alexion Pharmaceuticals Inc (NASDAQ:ALXN) and Novavax Inc (NASDAQ:NVAX), also closed lower on Tuesday.
The top performer on the NASDAQ Composite index was Discovery Communications (NASDAQ:DISCA) C Inc (NASDAQ:DISCK), which gained 4.70% or 1.46 to 32.54, while the worst performer was Micron Technology Inc (NASDAQ:MU), which fell 5.06% or 1.58 to 29.66.
The S&P 500 Composite index fell slightly, dropping 0.45% or 9.61 to 2,107.78.
Target Corporation (NYSE:TGT), the second-largest discount retailer in the nation behind Walmart, rallied late on Tuesday after the Minneapolis-based corporation unveiled a $2 billion cost savings plan. Target is expected to eliminate several thousand jobs nationwide as part of the multi-year plan. After reaching a low of 75.08 in midday trading, Target rebounded to close up 0.41% or 0.32 to 78.00.