Dow, S&P pull back, Nasdaq sets record

Dow, S&P pull back, Nasdaq sets record

The S&P 500 and Dow fell Tuesday after recent strong gains, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time.

Fred Katayama reports.

The Nasdaq briefly topped the 10,000 mark, climbing to hit another record high Tuesday.

But a drop in industrial and financial stocks dragged the Dow and S&P 500 lower following a stretch of blistering gains on Wall Street.

Midway through the session, traders on the floor of the New York Stock Exchange observed a moment of silence in honor of George Floyd, the African American who died last month after a white police officer knelt on his neck.

The Nasdaq ended the day a quarter percent higher.

But the Dow lost 1% and the S&P 500 shed three-quarters percent.

O'Neil Global Advisors Chief Investment Officer Randy Watts says the market is due for a breather: "Given the big run-up we've had, we think the logical technical action for the market would either be a sideways move or a slight pullback." The biggest driver of the Dow the past week, Boeing, fell Tuesday.

The plane maker said deliveries of its jets slowed even further in May from April.

Retail stocks saw some action.

Macy's shares fell after the department store chain swung from a quarterly profit to an operating loss of nearly $1 billion.

But it said the 450 stores it had reopened were performing better than expected.

Tiffany's quarterly sales plummeted 43%.

But shares rose after the luxury jeweler said it said it amended some debt obligations.