US STOCKS-S&P 500 edges down after 7-day rally; Dow ends up
The S&P 500 ended lower on Tuesday, breaking a seven-session string of increases as investors pulled back from technology and financial shares, but the Dow eked out a gain for an eighth straight day.
The Dow registered yet another record high close, after also hitting a lifetime intraday high, while the the S&P 500 remains within reach of its all-time closing high of 1,565.15, set on Oct. 9, 2007.
The market's rally in recent months has driven the Dow up 10.3 percent for the year and lifted the S&P 500 by 8.9 percent for 2013 so far. Signs of improvement in the economy and the Federal Reserve's quantitative easing have helped to propel the advance.
Tech shares, which have lagged the rally, pulled indexes lower as heavyweights such as Apple and Google tumbled. Financials also underperformed the broader market on Tuesday, with the S&P 500 financial index down 0.6 percent.
"You have a little bit of buyers' exhaustion at this juncture. We've had this move that has been startlingly smooth in terms of progression of advances, both since the beginning of the year and certainly over the last six to seven trading sessions," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
"Investors are waiting for this collective correction ... for some time, and it's teasing more and more buyers out of the market."
The Dow Jones industrial average rose just 2.77 points, or 0.02 percent, to 14,450.06, another record close. Earlier, the Dow climbed to a lifetime intraday high of 14,478.80.
The
Be the first to comment.
