NEW YORK: U.S. stocks declined on Tuesday, retreating from all-time highs and the psychologically significant 5,000 level for the Nasdaq reached on Monday.
Weaker-than-expected growth in monthly car sales dampened spirits, sending shares of Ford and Fiat Chrysler sharply down. Bone-chilling weather in February was cited as a culprit for weak demand.
On a day in which few major economic gauges were in the spotlight, investors turned their attention to Israeli Prime Minister Benjamin Netanyahu, who used a speech to. Congress to criticize the White House’s attempts to reach a nuclear deal with Iran, saying it was a “bad deal.” The speech reminded investors of potential geopolitical risks abroad, with stocks extending losses but then coming off their lows.
The S&P 500 SPX, -0.45% lost 9.61 points, or 0.5%, to close at 2,107.78, with eight of its main 10 sectors closing lower. A jump in oil prices lifted energy stocks, putting a lid on losses in the index.
The Dow Jones Industrial Average DJIA, -0.47% which dropped as much as 146 points, closed 85.26 points, or 0.5%, lower at 18,203.37. Twenty-four of the 30 blue-chip companies that make up the Dow ended with losses.
After a historic Monday finish, the tech-heavy Nasdaq Composite COMP, -0.56% pulled back from the 5,000 level, settling down 28.2 points, or 0.6%, at 4,979.90. On Monday, the Nasdaq scored its first close above 5,000 since the Internet bust, finishing at 5,008.10 and just 0.8% short of the record close of 5,048.62 set March 10, 2000.
