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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.

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) , Microsoft  (MSFT)  and Tesla  (TSLA)  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)  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.

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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)  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)  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)  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.