The Dow hit an all-time closing at the top of Tuesday, but another stop by Facebook shares weighed for the S&P 500 and Nasdaq, driving both to finish in the red.
Dividend-paying sectors were the perfect performers with the major S&P sectors, with utilities up 1.3% and consumer staples up 0.6%. Facebook, Netflix and Amazon, the main so-called FANG number of stocks, kept the Nasdaq under control.
The Dow was boosted by names including Boeing and Caterpillar as investors remained upbeat on trade-sensitive companies adopting the deal negotiated between Us, Canada and Mexico.
Facebook fell 1.91%, from a third straight session of declines totaling 5.6%. The advertising and marketing company, which on Friday disclosed its worst security breach ever, faces continuing requires legislation to just make technology firms to adopt responsibilities for internet security seriously.
“These are definitely perfect providers that have incredibly high valuations hence they are given to influenza,” said Stephen Massocca, senior vice chairman at Wedbush Securities in Frisco. “It is possible to create fear in these names, in the valuations and this Facebook story, that’s bleeding as much as alternative names.”
The Dow Jones Industrial Average rose 122.73 points, or 0.46%, to 26 773.94, the S&P 500 lost 1.16 points, or 0.04%, to two 923.43 as well as Nasdaq Composite dropped 37.76 points, or 0.47%, to 7 999.55.
The NYSE FANG+TM index, an equal-weighted index of 5 core FANG stocks, was down 4.2% for September.
The smallcap Russell 2000 index was off 1.01%. Smaller names, which had been viewed as being more insulated to trade pressures, are losing their luster following Sunday’s late-night American trade agreement. The index is already down nearly 5% in the August 31 high.
Financials were little changed, shaking off earlier losses stemming with a stop by Italian banks after having a senior lawmaker within a of Italy’s ruling parties said the majority of the country’s economic problems could be resolved if this readopted a national currency.
“Which is the best blip, it will be doesn’t bleed right through to us states financial infrastructure,” said Peter Kenny, founding father of Kenny’s Commentary and Strategic Board Solutions in Los angeles.
PepsiCo lost 1.80% as disappointing margins caused by higher commodity and transport costs overshadowed a quarterly profit that beat estimates.
Declining issues outnumbered advancing ones about the NYSE by using a 1.54-to-1 ratio; on Nasdaq, a couple.16-to-1 ratio favored decliners.
The S&P 500 posted 20 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 35 new highs and 124 new lows.
Volume on US?exchanges was 7.19 billion shares, compared to the 6.93 billion average with the full session during the last 20 trading days.
