Advertisment
The S&P 500 finished Tuesday’s session near the flatline as the benchmark once again failed to refresh its all-time high from May.
The Dow Jones Industrials lost 30.42 points to close Tuesday at 34,599.82
The S&P 500 forged upward 0.74 points to 4,277.26.
The NASDAQ jumped 43.19 points to 13,924.91.
Tesla erased earlier gains and fell nearly 0.3% even after an increase in deliveries. The electric car maker delivered 33,463 China-made vehicles in that market in May, a 29% jump from April.
Airline stocks turned higher after the Centers for Disease Control and Prevention eased travel recommendations for 61 countries, including Japan, France, South Africa, Canada, Spain and Italy. United Airlines climbed nearly 0.8%, while Delta jumped about 2.1%. An upgrade from Jefferies on optimism about international and business travel also boosted Delta shares.
Boeing shares gained slightly after Southwest Airlines said it is upsizing its order for the smallest 737 Max model by nearly three dozen planes amid an improvement in travel demand.
The Reddit-fueled trading mania seemed to have spread to other stocks, notably Clover Health and Wendy’s on Tuesday. The health care start-up soared as much as 100% and closed the day up about 86%, while shares of the fast food chain rallied 25.8%.
The U.S. Securities and Exchange Commission said Monday it’s watching ongoing volatility in the market and vowed to protect retail investors.
On the data front, job openings in April soared to a new record high, with 9.3 million vacancies coming amid the grand economic recovery.
The standard set in April was well above the 8.3 million in March that itself was a new series high going back to 2000 for the Labour Departments Job Openings and Labour Turnover Survey.
All eyes are on the next Federal Open Market Committee meeting scheduled for June 15-16 as investors look for what Fed officials will say about inflation and monetary policy. Recent comments by officials suggest the Fed is beginning to prepare markets for tapering its asset purchases.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.54% from Monday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices recovered 99 cents to $70.22 U.S. a barrel.
Gold prices scaled back three dollars to $1,895.30 U.S. an ounce.
