Winning streak ends as market rally sputters

U.S. stock indexes closed mostly lower Tuesday after a late-afternoon splash of selling erased early gains, ending a weeklong rally.

Banks accounted for much of the decline, along with utilities and industrial companies. Those losses offset gains in health care, technology and consumer products stocks.

The benchmark S&P 500 ended barely lower, its second loss over the past seven trading days. It’s still up 13 percent in 2019.

Investors were looking ahead to what the Federal Reserve will say Wednesday following a twoday meeting of policymakers. The central bank has signaled that it will be “patient” in raising interest rates. Investors seem reassured that the Fed will continue to hold off on raising rates, and that’s given them confidence to push the market higher.

“Typically, markets tend to be flat in front of the Fed; usually we’re in a wait-and-see mode,” said Kate Warne, investment strategist at Edward Jones.

The S&P 500 index slipped 0.37 points, or 0.01 percent, to 2,832.57. The Dow Jones Industrial Average dropped 26.72 points, or 0.1 percent, to 25,887.38.

The Nasdaq composite gained 9.47 points, or 0.1 percent, to 7,723.95. The Russell 2000 index of smaller-company stocks gave up 8.95 points, or 0.6 percent, to 1,554.99.

More stocks fell than rose on the New York Stock Exchange. Major indexes in Europe finished higher.

The broader market broke out of a short slump last week and has been gaining since then. It marks a turnaround from a terrifying drop in December, and now every major U.S. index is up more than 10 percent for the year.