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S&P dips after 7-day rally, US Dow nears record high

Reuters  New York, March 13, 2013
First Published: 21:32 IST(13/3/2013) | Last Updated: 21:34 IST(13/3/2013)

The S&P 500 ended lower on Tuesday, breaking a seven-day rally as investors pulled back from technology and financials, but the Dow eked out the smallest of gains to finish at another all-time closing high.


The Dow also hit another lifetime intraday high, while the S&P 500 remains within reach of its all-time closing high of 1,565.2, set on October 9, 2007.

The market's rally in recent months has driven the Dow up 10.3% and lifted the S&P 500 by 8.9% for 2013 so far. Signs of improvement in the economy and the Federal Reserve's quantitative easing have propelled the advance.

Tech shares, which have lagged the rally, pulled indexes lower as heavyweights such as Apple and Google tumbled with Apple dropping 2.2% to $428.4 as Google fell 0.9% to $827.6, while the S&P tech sector lost 0.6%.

Financials also underperformed the broader market on Tuesday, with the S&P 500 financial index down 0.6%. After a light economic calendar the last few days, investors will turn to retail sales data on Wednesday to know how consumers are faring. Sales are expected to be up 0.5% in February.

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