Advertisment
The Dow Jones Industrial Average was threatening to enter the history books Tuesday with its first nine-day losing streak since the 1970s in sight.
The 30-stock index tumbled 261.81 points to 43,455.67, after a losing streak of eight straight sessions.
The S&P 500 index declined 17.97 points to 6,056.11
The tech-heavy NASDAQ remained in the red 29.59 points to 20,144.30.
The Dow’s losing streak began the day after it closed above 45,000 for the first time ever earlier in the month.
Driving the Dow’s losses has been a rotation into technology stocks and out of some of the more old-economy stocks that gained in November following the re-election of Donald Trump. Those stocks dominate the Dow, rather than tech.
What’s strange, however, is that Nvidia, a new tech member of the Dow that joined in November, has also struggled despite the tech sector’s recent gains, slipping into correction territory Monday.
Tesla was higher again on Tuesday, though Broadcom lost 3.6%.
November’s retail sales figure, out Tuesday, came in better than economists expected, adding to concern that the Fed may be taking unnecessary action.
Prices for the 10-year Treasury gained a bit of ground, lowering yields to 4.38% from Monday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.21 to $69.50 U.S. a barrel.
Prices for gold faded $18.10 an ounce to $2,651.90 U.S.
