Yahoo Finance Wall Street ends lower as shutdown worries loom
The Dow and S&P 500 retreated Tuesday, giving back some of Monday’s big gains that had powered them to record highs. Weak retail sales, surging cases of COVID-19, and the threat of shutdowns sparked a broad decline.
The Dow and the S&P 500 closed about a half percent lower. And the Nasdaq shed a fifth of a percent.
Vespula Capital CEO Jeff Tomasulo welcomed the pullback after last week’s monstrous rally.
“It’s good to have a pause. I love to see that. I don’t like to see markets go up every single day. Actually, I’d love to see a correction.”
Shares of Amazon.com rose after the retailer launched an online pharmacy for prescription drugs in the U.S. That announcement hammered shares of the competitors: drugstore operators Walgreens Boots Alliance, Rite Aid and CVS Health.
Investors took profit on two big retail stocks that have risen by nearly a quarter this year. Walmart and Home Depot each fell more than 2%. The two retailers reported surging quarterly same-store sales and profit that beat Wall Street’s expectations.
An early Christmas gift for Tesla. The electric automaker’s market valuation jumped to over $400 billion. Shares surged 8% after S&P Dow Jones confirmed Tesla will be added to the S&P 500 on December 21.
