S&P 500 drops to third straight loss after tech rally ended
NEW YORK (AP) Another afternoon fizzle for stocks left the Standard & Poor's 500 index with its third straight loss on Tuesday.
The market seemed like it was headed for a gain in the morning, after technology stocks recovered from one of their few stumbles this year. But the tech rally lost momentum as the afternoon went on, and losses for telecom stocks and utilities helped cement the S&P 500's longest losing streak in nearly four months.
The S&P 500 fell 9.87 points, or 0.4 percent, to 2,629.57. It had been up 0.3 percent in the morning, and it marked the second straight day where an early rally ended up petering out.
The Dow Jones industrial average lost 109.41, or 0.5 percent, to 24,180.64, and the Nasdaq composite fell 13.15, or 0.2 percent, to 6,762.21. Losers outnumbered winners on the New York Stock Exchange by nearly two to one.
The market's ups and downs have come as investors sift through Congress' twin proposals to revamp the tax system. The Senate and House of Representatives are trying to reconcile their respective versions before sending it to President Donald Trump for his approval, and investors are trying to figure out which industries and companies will come out as winners and losers from it.
After leading the market for most of this year, technology stocks moved into the losers' column recently. Technology companies already pay some of the lowest effective tax rates of companies in the S&P 500, so they have less to gain from the proposal.