NEW YORK (Sputnik) – One of the longest-running rallies on Wall Street came to an end on Tuesday as technology stocks closed down the first time in 11 days after a streak of record highs, setting the pace for industrials and blue chips to settle lower as well from recent peaks.All three of the major US equity indexes – the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite – had whetted the appetite of equity bulls by reaching one pinnacle after another since the final week of October, energized by stellar third-quarter earnings, assurance of friendly monetary policy by the Federal Reserve and a $1 trillion infrastructure spending boost passed by Congress.The party came to a stop after 11 days of record highs for the Nasdaq, eight days of wins for the S&P 500 and peaks in seven days out of nine for the Dow.The market “went on a relentless run and was ripe for a down day”, Ed Moya, analyst at online trading platform OANDA, said.
Wall Street Closes at Record Highs After Lawmakers Agree to Infrastructure Deal8 November, 23:14 GMTNasdaq, which groups Big Tech names such as Facebook, Amazon, Apple, Netflix and Google, closed down 96 points, or 0.6%, at 15,887. It gained almost 6% from its 11-day winning streak, hitting a final record high of 16,053. Nasdaq remains up 23% on the year.
The S&P 500, which represents the top 500 US stocks, settled down 96 points, or 0.6%, at 4,685. The index rose more than 3% over an eight-day stretch, hitting an all-time high of 4,719. The S&P 500 is up 25% on the year.The Dow, a blue-chip index which groups mostly industrial stocks, finished down 112 points, or 0.3%, at 36,320. It gained almost 2% net over an eight-day stretch, rising to a hitherto unseen peak of 36,566. The Dow remains up 19% on the year.