Markets Trade Mixed; Dow Sets New Record, Nasdaq Drop 200 Points

Markets Trade Mixed; Dow Sets New Record, Nasdaq Drop 200 Points
This story originally appeared on Zacks

A real bifurcation in stock trading dominated the market Tuesday, with high-growth tech stocks seen selling off in favor of equities in industries market participants have tended to look past, like Energy (+3.5% on the day), Financials (+2.6%) and Industrials (+2%). A 10-year Treasury yield cresting upward past 1.68% midday — close to highs in this cycle — is seen as a catalyst for this action; all major indexes were trading in the green as of this morning’s opening bell.
The Dow managed to close at a fresh all-time high today, +214 points or +0.59% to close a hair shy of 36.8K, off its highs for the day. The blue-chip index was hit by weakness at Cisco CSCO and salesforce CRM, but JPMorgan JPM and Goldman Sachs GS both gained +3% on the day, while Caterpillar CAT

Continue reading

Leave a Reply

Your email address will not be published. Required fields are marked *