Major U.S. stock indexes closed mostly lower Tuesday, as the market gave up some of its gains from the past two weeks
The deadly coronavirus outbreak is hurting scores of companies in California and nationwide that depend on Chinese production and consumer spending.
The S&P 500 index fell 9.87 points, or 0.3%, to 3,370.29. That’s just below the all-time high it set Friday.The Dow slid 165.89 points, or 0.6%, to 29,232.19. The Nasdaq recovered from an early slide and finished with a gain of 1.56 points, or less than 0.1%, at 9,732.74.Bond prices rose. The yield on the 10-year Treasury fell to 1.56% from 1.58% on Friday.
Although Apple’s projected revenue miss took Wall Street by surprise, some analysts played down the iPhone production delay’s long-term effect on the company. In a research note Tuesday, Canaccord Genuity analyst Michael Walkley said Apple continues to perform strongly across all business lines, including iPhone 11 demand outside China.Despite the uncertainty over the viral outbreak, investors have been willing to buy back into the market after a dip.
Technology stocks accounted for a big slice of the selling Tuesday. Declines hit several chipmakers, which rely heavily on China for sales and supplies. Intel fell 1.7%. Broadcom slid 2.2%.
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