By DAMIAN J. TROISE Business Writer AP
A wobbly day on Wall Street ended Tuesday with major indices sliding just below recent highs, but the S&P 500 closed August solidly in the green with its seventh consecutive monthly gain.
Investors are busy trying to determine the impact that increasing COVID-19 cases will have on the still recovering economy. The market was choppy amid a mix of economic data, some of which signaled consumers are becoming more cautious.
âThe market is always grappling with the question of which direction we are going,â said Rob Haworth, senior investment strategist at US Bank Wealth Management.
Investors are assessing which areas of the market are expected to benefit in the coming months as supply constraints continue to hamper some industries as COVID-19 continues to threaten economic recovery, he said. Uncertainty has helped shift gains and losses to service-oriented sectors and other areas of the economy that generally do well in a growing economy.
The S&P 500 Index lost 6.11 points, or 0.1%, to 4,522.68, after setting a record the day before. The Dow Jones Industrial Average fell 39.11 points, or 0.1%, to 35,360.73 and the Nasdaq slipped 6.65 points, or less than 0.1%, to 15,259.24.
Technology stocks were the biggest weight, pushing the benchmark S&P 500 down, despite more stocks rising than falling in the index. Smaller company stocks outperformed the market as a whole, indicating that investors were somewhat confident about continued economic growth. The Russell 2000 gained 7.78 points, or 0.3%, to 2,273.77.