LONDON: U.S. stocks closed mostly lower on Tuesday, with the S&P 500 and Dow industrials unable to extend the previous session’s gains.
Investors assessed a barrage of earnings, while M&A activity in the biotechnology industry helped lift the Nasdaq Composite.
The S&P 500 SPX, -0.15% closed 3.06 points, or 0.2%, lower at 2,097.34, with seven of its 10 main sectors losing ground. Energy and materials stocks led the losses.
The Dow Jones Industrial Average DJIA, -0.47% lost 84.94 points, or 0.5%, to settle at 17,949.72, with nearly two-thirds of its 30 components ending lower. Declines in Travelers Companies Inc. and DuPont weighed on the blue-chip index.
The Nasdaq Composite COMP, +0.39% outperformed other indexes, rising 19.50 points, or 0.4%, to 5,014.10, as big gains in biotechnology stocks lifted the index to near record levels.
David O’Malley, chief executive of Penn Mutual Asset Management with $20 billion in assets under management, said that while consensus-beating earnings and M&A activity are providing support, gains were capped by high valuations and worries over economic growth.
