Stocks had their worst day in four weeks, as Wall Street hits the brakes on what’s been a nearly unstoppable romp.
The S&P 500 fell 0.7% Tuesday. The Dow Jones Industrial Average lost 1%, and the Nasdaq composite gave back 1%.
Worries are rising that the Federal Reserve may cut interest rates fewer times than expected this year. Concerns have also grown that the U.S. stock market had become too expensive after leaping since late October. Health insurers helped lead the market lower after the U.S. government announced lower-than-expected rates for Medicare Advantage. Tesla tumbled after reporting its first-quarter deliveries.
On Tuesday:
The S&P 500 fell 37.96 points, or 0.7%, to 5,205.81.
The Dow Jones Industrial Average fell 396.61 points, or 1%, to 39,170.24.
The Nasdaq composite fell 156.38 points, or 1%, to 16,240.45.
The Russell 2000 index of smaller companies fell 37.80 points, or 1.8%, to 2,065.04.
For the week:
The S&P 500 is down 48.54 points, or 0.9%.
The Dow is down 637.13 points, or 1.6%.
The Nasdaq is down 139.01 points, or 0.8%.
The Russell 2000 is down 59.51 points, or 2.8%.
For the year:
The S&P 500 is up 435.98 points, or 9.1%.
The Dow is up 1,480.70 points, or 3.9%.
The Nasdaq is up 1,229.10 points, or 8.2%.
The Russell 2000 is up 37.96 points, or 1.9%.
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