Stocks fall as investors turn cautious following records
Stocks closed modestly lower on Wall Street on Tuesday as investors turned cautious a day after major indexes closed at their latest record highs.
The S&P 500 slipped 0.2%, the benchmark index’s first decline in four days. Investors shifted money away from technology companies, which have been among of the biggest winners since the pandemic began. Industrial and financial stocks also fell broadly. Those losses outweighed gains in healthcare stocks and companies that rely on consumer spending.
Small-company stocks, which have been the biggest gainers this month, fell more than the rest of the market, pulling the Russell 2000 index of smaller companies 1.8% lower. The index is still on track to end the month 7.7% higher.
“That segment is probably due for a little bit of a pullback given its outperformance,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.
The S&P 500 fell 8.32 points (0.2%) to 3,727.04. The Dow Jones Industrial Average dropped 68.30 (0.2%) to 30,335.67. The tech-heavy Nasdaq slid 49.20 (0.4%) to 12,850.22. The Russell 2000 gave up 36.89 (1.8%) to 1,959.36.
The market’s pullback follows a strong, recordshattering run on Wall Street in recent weeks amid optimism that coronavirus vaccinations will pave the way in coming months for the economy to escape from the pandemic’s grip. With two days of trading left in 2020, the S&P 500 is up 15.4% this year, while the Nasdaq is up 43.2%.
More 2020 awfulness: A car crashes through the front of a Palmetto Bay restaurant
As if operating a restaurant in a pandemic isn’t hard enough.
Walter’s Restaurant in Palmetto Bay is dealing with more hardship.
On Monday afternoon, a pickup truck accidentally crashed through the front of the family-owned diner.
Instagram page Cutler Bay Social posted a photograph of the damage provided by witness Mario J. Baldeon.
Baldeon told Miami.com that he was eating when the car came through the front doors and that one of the waitresses used his phone to speak to 911.
No one inside the shop was injured, WPLG-ABC 10 reported. The driver, a longtime customer and “elderly” woman, was taken to a hospital as a precaution.
A call to Walter’s went unanswered on Tuesday.