Dow, S&P 500 close at records while Nasdaq slips as traders mull economic growth and Fed tapering prospects
- US stocks closed mixed on Tuesday as investors mulled economic growth and the prospects of the Fed on tapering asset purchases.
- The S&P 500 and Dow Jones industrial average closed at records while the tech-heavy Nasdaq slipped.
- Oil rose, gold fell.
The S&P 500 and Dow Jones industrial average closed at records on Tuesday, while the Nasdaq slipped, as investors mulled economic growth amid a surging Delta variant and prospects of Federal Reserve tapering.
The materials, energy, industrials, and financial sectors outperformed on Tuesday, which may be partly attributed to the newly Senate-approved $1 trillion infrastructure bill, Brian Price, head of investment management for Commonwealth Financial Network, said in a client note.
Here's where US indexes stood at the 4 p.m. ET close on Tuesday:
- S&P 500: 4,436.75, up 0.1%
- Dow Jones Industrial Average: 35,264.67, up 0.5% (163 points)
- Nasdaq Composite: 14,788.09, down 0.5%
AMC Entertainment soared as much as 10% before closing lower turning in a second-quarter loss that was narrower than anticipated. It also reported better-than-expected revenue that marked a sizable jump from last year.
Famed short-seller Jim Chanos on Tuesday also revealed a small short position against the meme-stock favorite.
Lightning eMotors rose as much as 89%, hitting their highest level since going public via SPAC, after entering an $850 million partnership deal with a Berkshire Hathaway-backed bus maker.
Oil prices rose. West Texas Intermediate crude was up as much as 3.6%, to $68.90 per barrel. Brent crude, oil's international benchmark, climbed 3.1%, to $71.24 per barrel, at intraday highs.
Gold meanwhile slightly slipped as much as 0.7%, to $1,717.81 per ounce.