Fed worries weigh on indexes

U.S. stock indexes closed mostly lower Tuesday after a lateafternoon 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.

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

Investors were looking ahead to what the Federal Reserve will say Wednesday following a two-day meeting of policymakers. The central bank has signaled that it will be “patient” in raising interest rates.

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.

Financial, utilities and industrial stocks weighed the most on the market Tuesday. Cincinnatibased Fifth Third Bancorp dropped 3.3 percent, Firstenergy slid 2 percent and railroad operator Union Pacific lost 3.3 percent.

Companies that reported disappointing quarterly results also fell, including Columbusbased DSW.

Health care stocks, technology companies and retailers notched some of the biggest gains Tuesday.

Davita led the health sector higher, climbing 3.5 percent. Chipmakers also posted solid gains. Advanced Micro Devices vaulted 11.8 percent and Nvidia climbed 4 percent. Columbus-based retailer L Brands added 2.7 percent.

Traders bid up shares in Michaels, rewarding a better-than-expected fourth quarter and overlooking a weak forecast.