A late slide in big technology companies left indexes broadly lower on
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story appears below.
Stocks gave up an early gain and were wavering in late trading on
The S&P 500 slipped 0.4% late Tuesday, after being up 0.6% earlier. Other indexes were mixed.
Gains for banks, industrial and energy companies were offset by drops in big-name tech stocks like
The S&P 500 is coming off a seven-day winning streak. Investors have grown more confident amid some positive economic data and better-than-expected results from companies reporting their second-quarter results in recent weeks that suggest corporate profits could be headed higher in the second half of this year and in 2021. Traders are also increasingly optimistic that the many pharmaceutical companies working on ways to treat COVID-19 will deliver a working vaccine in coming months.
“What is a risk worth taking is the assumption that a vaccine will be made available around year-end, and that this vaccine will help eliminate the virus in the coming year," said
The Dow Jones Industrial Average was little changed at 27,809 in the last half-hour of trading. The Nasdaq composite slid 0.9%. The Russell 2000 index of small company stocks rose 0.3%.
European and Asian markets closed broadly higher.
Unprecedented actions by the
"Very low interest rates, which not only have been supporting the price of gold, they have been making (stocks) look even more attractive, since low interest rates increase the intrinsic value of stocks,” Stovall said.
The S&P 500 has roared almost all the way back from a nearly 34% tumble in March. The benchmark index is now within 0.6% of the record high it set in February, before the pandemic slammed the economy into recession.
Meanwhile, investors continue to keep an eye on
While talks between
“The markets do show that they believe something is going to get passed,” said
Traders also have been grappling with uncertainty over widening antagonisms between
The yield on the 10-year
Oil prices closed lower after being up earlier. Benchmark
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