Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

S&P 500, Dow ease as focus shifts to Fed; tech pushes Nasdaq to closing record

Stock Markets Jun 09, 2020 04:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the NYSE in New York
 
DJI
+0.10%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
IXIC
-0.18%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CUK
-0.34%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NCLH
-0.48%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Caroline Valetkevitch

(Reuters) - The S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time.

The Fed began a two-day meeting. While no major policy announcements are expected when the U.S. central bank wraps up on Wednesday, investors will scrutinize its remarks on the health of the economy, which has been reopening after coronavirus-related closures.

The Nasdaq's gains came on the back of strong gains in tech-related shares, a day after the index became the first of Wall Street's major indexes to confirm a new bull market. Apple (NASDAQ:AAPL), up 3.2%, gave the Nasdaq its biggest boost on Tuesday.

The benchmark S&P 500 fell back into negative territory for the year after temporarily erasing those losses on Monday.

"It strikes me as maybe a reflexive selloff as a result of a tremendous rally over the past week. There's no news headline that screams bearish catalyst to me. But conversely, other than the nonfarm payrolls data, the past two weeks haven't had super bullish catalysts either," said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.

"In the grand scheme of things, it seems like the market has caught a bullish fever, and it's feeding on itself."

The rally in U.S. stocks accelerated last week after strikingly upbeat May jobs data strengthened views that the worst of the economic fallout from the pandemic was over.

Financial and industrial shares, which have been among stocks that have surged in recent weeks on hopes of an improved economic outlook, were the biggest drags on the benchmark S&P 500 on Tuesday.

The Dow Jones Industrial Average fell 300.14 points, or 1.09%, to 27,272.3, the S&P 500 lost 25.21 points, or 0.78%, to 3,207.18 and the Nasdaq Composite added 29.01 points, or 0.29%, to 9,953.75.

U.S. financial market operators, including the New York Stock Exchange, held a moment of silence in honor of George Floyd, a 46-year-old African American who died on May 25 after a white police officer knelt on his neck for nearly nine minutes.

The S&P 1500 airlines index tumbled 7.5%, while cruise operators Carnival (NYSE:CUK) Corp and Norwegian Cruise Line (NYSE:NCLH) Holdings Ltd fell following their recent sharp recovery amid recent signs of a pickup in global travel.

Declining issues outnumbered advancing ones on the NYSE by a 3.09-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored decliners.

The S&P 500 posted 10 new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and one new low.

Volume on U.S. exchanges was 13.82 billion shares, compared to the 12.54 billion average for the full session over the last 20 trading days.

S&P 500, Dow ease as focus shifts to Fed; tech pushes Nasdaq to closing record
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (26)
Amo Girla
Amo Girla Jun 09, 2020 10:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
another bully rally to 29000 dow begins. TRUMP IS VERY DETERMINED TO GET THE STOCK BACK to where it was and over before the covid19 hit strucked
Randy Roberts
Randy Roberts Jun 09, 2020 6:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Do people that invest in Gold ever look at the chart?  Obviously not.
Joanna Yin
Joanna Yin Jun 09, 2020 3:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
maybe Nasdaq bubble is not made from rubber this time, not easily burst out like 1999?
Kapil Baldawa
Kapil Baldawa Jun 09, 2020 12:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Guess Mr. Powell has been specifically instructed to buy AMZN, AAPL and Tech stocks as Mr Prez tweeted NQ All Time High and can retweet again so that ppl know how US is doing great.. Ultimate printing machine FED may soon make USD crumble n make it as worthy as Zimbabwean dollar
Jb Jeong
Jb Jeong Jun 09, 2020 12:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nasdaq = bitcoin
Kapil Baldawa
Kapil Baldawa Jun 09, 2020 12:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Unbelievable, the Tech euphoria.. Americans don't realise if AMZN sells everything, the small businesses will die and won't come back. Most baffling is Apple. Not a single new product or innovation, same old stuff with minute upgrades n ppl go crazy..
Josiah Moody
Josiah Moody Jun 09, 2020 12:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the new financing scheme will boost sales tremendously, plus they're in talks of making their own chips for macs. how is that not bullish?
Man Up
Man Up Jun 09, 2020 12:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sooner or later, small/big businesses who cannot compete will and should be closing anyway.
phuonglep nguyen
phuonglep nguyen Jun 09, 2020 11:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
gold parades up to 18xx???? who know why?
Steve Jabo
Steve Jabo Jun 09, 2020 11:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Carnival ticker is wrong, come on now. CCL my good man
Lex Wild
Lex Wild Jun 09, 2020 11:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Techies again out ouf control NQ goes crazy ;-)
Ali Scander
Ali Scander Jun 09, 2020 10:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Haha wallstreet retreats pff.. The bull is here to stay!
Chopin Liszt
Chopin Liszt Jun 09, 2020 10:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
dow hit 29 k i short like no others
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email