Stocks mostly lower, even as Nasdaq sets new high

A listless day on Wall Street left stocks mostly lower Tuesday, even as more gains by technology companies pushed the Nasdaq to an all-time high.

The S& P 500 spent much of the day wavering between small gains and losses before finishing with a 0.2% loss, its third straight decline. About 65% of the companies in the index fell. Losses in communication services, financial and other companies accounted for much of the selling.

Those losses were kept in check by solid gains in small- company stocks, which did better than the rest of the market. Tech companies also rose, adding to the sector’s blockbuster, 41% gain so far this year.

The mixed showing for stocks came as Congress finally approved a $900 billion rescue to carry the economy through what’s likely to be a bleak winter. A couple of discouraging reports on the economy may have also weighed on the market. Trading was relatively thin ahead of the Christmas holiday later in the week.

The S& P 500 fell 7.66 points to 3,687.26. The Dow Jones Industrial Average slid 200.94 points, or 0.7%, to 30,015.51. The Nasdaq composite rose 65.40 points, or 0.5%, to 12,807.92, a record high. The Russell 2000 index of smaller companies also set a record high, gaining 19.55 points, or 1%, to 1,989.88.

After months of bickering, Congress approved a deal on Monday night to send $600 cash payments to most Americans, give $300 per week to laid- off workers and deliver other aid to businesses struggling under the weight of the pandemic. The bill is going to President Donald Trump’s desk for his signature.

The hope for investors is that such support can prop up the economy for the next several months, before a more widespread rollout of coronavirus vaccines can allow it to stand on its own. That expectation has been driving markets for a while, but a new worry is casting some doubt on it.