Stocks slipped from record levels on Tuesday as the recent market rally took a pause despite more strong U.S. and global economic recovery signs. All market benchmarks ended the session slightly lower.
Job openings in the United States rose by 268,000 to a two-year higher of 7.4 million in February, according to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report on Tuesday. This increase follows the 7.099 million reported for January, with the rate of hiring rising to 4%, or 0.2 percentage points faster than the month prior.
Meanwhile, the International Monetary Fund (IMF) upgraded its 2021 global economic growth forecast, casting a better-than-expected outlook for the United States and other major global economies. The IMF now sees worldwide growth increasing 6% this year, which follows a historic 3.3% contraction in 2020. The institution also raised its 2022 outlook to now expect growth of 4.4%.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Stocks, reopening names continued their recent rally, with American Airlines
For Sector Performance, sectors ended split as the broader market came under pressure, with Utilities
For Commodities and Currency, the U.S. Dollar
For Wednesday, investors will turn their attention to the minutes from March's Federal Open Market Committee meeting.