Wall Street Down as Big Tech Ends 11-Day Stocks Rally Tuesday
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.
