Stocks Close Lower as Wall Street Fails to Extend Rally

Stocks ended lower on Tuesday, a day after the S&P 500 recorded its best trading session since June.
Author:
Publish date:

Stocks finished lower Tuesday and the S&P 500 failed to extend a rally following its best trading session since June.

The Dow Jones Industrial Average finished down 144 points, or 0.46%, to 31,391, the S&P 500 fell 0.81% and the Nasdaq slipped 1.69%.

Tech giants Apple  (AAPL) - Get Report, Microsoft  (MSFT) - Get Report and Tesla  (TSLA) - Get Report ended lower.

Stocks had closed Monday with significant gains and the S&P 500 rose 2.38% as a selloff in Treasury bonds eased and the U.S. approved Johnson & Johnson’s  (JNJ) - Get Report one-shot COVID-19 vaccine.

Benchmark Treasury yields traded at 1.419% Tuesday. Last week, bond yields surged, spurred by concern that inflation would rise as the economy recovered from the coronavirus pandemic.

Oil prices in the U.S. moved below $60 a barrel. West Texas Intermediate crude, the U.S. benchmark, fell 1.2% to $59.91 a barrel.

Target  (TGT) - Get Report reported fourth-quarter earnings and same-store sales that were better than Wall Street's expectations as digital traffic surged over the holiday period. Digital same-store sales more than doubled (up 118%) in the quarter.

Fourth-quarter earnings and sales from Kohl's  (KSS) - Get Report smashed analysts' estimates and the retailer reinstated its dividend as it continues to navigate through the coronavirus pandemic.

Fourth-quarter earnings from Zoom Video  (ZM) - Get Report were above analysts' estimates and the company issued a fiscal-first-quarter revenue forecast better than Wall Street's expectations. The videoconferencing company has benefited from COVID-19 lockdowns, which have kept workers and students at home,

Bitcoin fell 1.64% on Tuesday to $47,531 after Gary Gensler, President Joe Biden's nominee for chairman of the Securities and Exchange Commission, said ensuring that cryptocurrency markets were free of fraud and manipulation was a challenge for the agency, Bloomberg reported.