Wall Street posted a mixed session on Tuesday as investors paused the recent rally mainly to sell off profits made from reopening stock gains amid the U.S. economic recession. However, the tech-heavy Nasdaq continued to gain on Tuesday, turning positive for the year and closing at an all-time record high after briefly breaking over 10,000 for the first time ever. However, the Dow and S&P 500 pushed lower from Monday's session, dropping slightly into negative territory for the year to date.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): -0.78% or -25.21 points to 3,207.18
Dow Jones Industrial Average (NYSE: DIA): -1.09% or -300.14 points to 27,272.30
Nasdaq Composite Index +0.29% or +29.01 points to 9,953.75
In Major Stock News, FAANG stocks--Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Netflix (NASDAQ: NFLX) and Google (NASDAQ: GOOGL)--alongside Microsoft (NASDAQ: MSFT) and other tech stocks rallied on Tuesday as investors moved reopening gains into the Nasdaq. Reopening stocks--American Airlines (NASDAQ: AAL), Carnival (NYSE: CCL), Delta (NYSE: DAL), Gap (NYSE: GPS), Las Vegas Sands (NYSE: LVS), MGM Resorts (NYSE: MGM), Royal Caribbean (NYSE: RCL), Southwest (NYSE: LUV), United Airlines (NASDAQ: UAL), Wynn Resorts (NASDAQ: WYNN)--all crumbed amid the sell off. Tiffany (NYSE: TIF) reported a quarterly loss, but showed signs of luxury business rebounding in China and reaffirmed deal with LVMH (OTC: LVMUY). Shares of the cloud services company Cloudera (NYSE: CLDR) soared following a Bloomberg report that the company was in takeover talks with private equity firms.
In Stock Sector News, sectors mainly dipped lower on Tuesday, with performance gains only led by Information Technology +0.48% and Communication Services +0.18%. The negative sector performance was a follows: Energy -3.59%, Industrials -2.51%, Utilities -2.12%, Financials -2.11%, Materials -1.17%, Real Estate -1.12%, Health Care -1.08%, Consumer Staples -0.91% and Consumer Discretionary -0.04%.
In Commodity and Currency News, crude oil futures gained despite energy stocks, like Valaris (NYSE: VAL), Transocean (NYSE: RIG) and Oasis Petroleum (NASDAQ: OAS), falling on Tuesday. West Texas Intermediate (NYSE: USO) increased 1.52% to settle at $38.77 per barrel and Brent Crude (NYSE: BNO) climbed about 0.4% to close around $41. Gold (NYSE: GLD) futures also gained on Tuesday, pushing the metal's price up 0.85% to around $1,720 per ounce. Finally, the U.S. Dollar (NYSE: UUP) continued to fall on Tuesday, with the DXY Index dropping 0.22%.
As the market heads into the mid-week, investors will focus on the Federal Reserve's latest decision on monetary policy as well as corporate earnings from Red Robin Gourmet Burgers (NASDAQ: RRGB) and Guess (NYSE: GES).