Dow Clings to Gains to Close at Record, Nasdaq and S&P Close Lower

Despite gains earlier in the day, two of the three major U.S. indexes closed lower.

Author:: Anders Keitz
Publish date:: Nov 7, 2017 8:03 PM EST

The Dow held on to late gains to close at a record high on Tuesday, but the Nasdaq and the S&P 500 finished in the red.

The Dow gained 0.04%, while the S&P 500 declined 0.05%, and the Nasdaq fell about 0.3%.

Amazon.com Inc.'s (AMZN) - Get Report venture into home furnishing caused its competitors' stock to tumble. Wayfair Inc. (W) - Get Report shares fell about 5%, while Restoration Hardware (RH) - Get Report shares were down more than 3% after Amazon introduced its Rivet and premium Stone & Beam brands.

Shares of Automatic Data Processing Inc. (ADP) - Get Report were higher after billionaire activist Bill Ackman lost his bid to shake up the board and massively restructure the company. Ackman had been seeking a minority slate of three seats on ADP's board, including one for himself. However, ADP shareholders voted to re-elect all of the payroll company's directors. According to ADP, Ackman and his two other candidates received support from holders of less than 25% of the company's outstanding shares.

Blue Apron Holdings Inc. (APRN) - Get Report shares tanked after CEO Matt Salzberg said the company's new fulfillment center in Linden, NJ has been a drag on the company's bottom line. Shares have fallen nearly 70% since the company went public on June 29.