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.