U.S. stocks closed lower on Tuesday, pulling back from record highs set earlier in the session, as investors weighed the possibility of a government shutdown.
The Dow Jones industrial average ended 10.33 points lower at 25,792.86. At its session highs, the index traded above 26,000 and 283 points higher. The Dow also posted its biggest one-day reversal since Feb. 10, 2016.
The S&P 500 closed 0.4 percent lower at 2,776.42. The index had traded above 2,800 for the first time earlier in the session. The Nasdaq composite also erased gains, finishing 0.5 percent lower at 7,223.69.
Congress needs to pass a spending bill by the end of Friday to avoid a government shutdown. A point of contention between Republicans and Democrats is an immigration bill which Democrats want to pass. Those talks have complicated efforts to keep the government open.
"Key Democratic constituencies are demanding that Congressional Democrats insist on making DACA part of the 'must pass' budget legislation to keep the government open," said L. Thomas Block, Washington policy strategist at Fundstrat Global Advisors.
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2 comments:
Remember Home Alone when one of the 'wet-bandits' said, "Harry, I've reached the top!"
Not sure how much higher it can go, but if valuations are an indication, we are closing in on the highs at the top of the last two bubbles. How did that work out for you?
The long term average p/e (price to earnings ratio) is around 15 times earnings. Now, it's around 28 X's, just slightly below where it was at the dot-com bubble. It's like the check engine light just went on. It should concern you until you get it fixed.
Hmmmmm......
I guess people willing to invest in America's future think President Trump is mentally unstable too.
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