US stocks end a wobbly day mixed, S&P 500 still near record

STOCK indexes closed out a wobbly day of trading on Wall Street with a mixed finish Tuesday, leaving the S&P 500 index just below its all-time high.

The benchmark index slipped less than 0.1 per cent after wavering between small gains and losses for much of the day. Losses in technology, health care, communication services and other sectors in the index outweighed gains in banks, industrial stocks, and energy companies. The Dow Jones Industrial Average also ended up essentially flat, while the Nasdaq fell.

The market’s choppy turn came as investors pored over a mixed batch of company quarterly report cards in what is the busiest week for earnings so far this season. UPS, Hasbro and Archer-danielsmidland were among the winners after delivering results that impressed traders. Among the losers: Tesla, Eli Lilly and General Electric.

Investors expect US corporate results due out this week to show stronger profits as coronavirus vaccines are rolled out and as consumer spending strengthens.

“What’s more of a focus is really the guidance they’re giving, looking further into 2021 and beyond,” said Greg Bassuk, chairman and CEO of AXS Investments. “A lot of companies are trying to figure ultimately when the COVID-19 cloud is really going to lift.”

The S&P 500 lost 0.90 points to 4,186.72. The index was coming off its latest all-time high. The Dow barely recovered from an early slide, adding 3.36 points, or less than 0.1 per cent, to 33,984.93. The Nasdaq fell 48.56 points, or 0.3 per cent, to 14,090.22. The tech-heavy index also set a record high on Monday.

Smaller companies fared better than the rest of the market. The Russell 2000 index inched up

3.26 points, or 0.1 per cent, to 2,301.27.

The market has been choppy over the last few weeks as investors gauge how companies fared during the first quarter and any other information that can help paint a clearer picture of where the economy is headed. UPS vaulted 10.4 per cent for the biggest gain in the S&P 500 after reporting another surge in delivery volumes as well as profits that came in well ahead of what investors were expecting.

Tesla, whose stock has been soaring over the past year, fell

4.5 per cent despite reporting stronger sales of electric vehicles.