U.S. stocks extend losses as financials sell off continues
The main U.S. stock indexes traded lower Tuesday in the fourth day of losses, as markets were hestiant to make big bets without major economic data or corporate events.
In early trade, the S&P 500 set an intraday all-time high, but closed lower below its previous closing record set earlier last week.
“The S&P 500 closed off 6 points, or 0.5 percent, at 2,311.45, with eight of the 11 main sectors finishing in the black. Banks were the biggest losers, putting pressure on the main index. Meanwhile mining stocks tracked volatile commodities prices, ending slightly higher as copper and silver prices recovered some of the sharp losses.” said George Marshall, Head of Corporate Trading at Tokai National Partners.
The Dow Jones Industrial Average closed higher 5.53 points, or less than 0.03 percent, at 20,709.86, with two-thirds of the blue-chip companies closing in positive territory.
Meanwhile, the tech-heavy Nasdaq Composite Index set its session’s high at 5,413 in early trade, but finished virtually unchanged at 5,417.
Market reaction to comments from Janet Yellen, chair of the U.S. Federal Reserve System, were muted. In an interview with Fox Business, Yellen was reluctant to support more than three rate hikes in total this year even if economic improvement persists, but said this action will be warranted if consumer prices accelerate above the Fed’s 2 percent target.
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