U.S. stocks took a last minute turn Tuesday with the Dow industrials finishing slightly lower, putting an end to a four-session winning streak, but the S&P 500 and Nasdaq closed modestly higher on the heels of a jump in consumer confidence.
“Equities had almost no conviction today and will probably indicate little conviction all week due to the holidays,” said Richard Hastings, a macro strategist at Global Hunter Securities.
After a 427-point gain last week, the Dow Jones Industrial Average DJIA -0.02% on Tuesday slipped 2.65 points, or 0.02%, to close at 12,291.35, a level that still has it up 6.2% on the year, with three sessions remaining.
The index, which had tallied a gain of 4.5% over the past four sessions, spent most of the session trading higher.
“Year-end always brings wild swings in the market due to year-end tax selling by investors,” said Keith Springer, president of Springer Financial Advisors, pointing out that at this time of year, the average investor sells their losses for tax reasons.
The day’s decline “could have been worse if it were not for a stronger-than-expected consumer confidence figure which showed that Americans are starting to feel better about the economy,” he said. Hopefully that will “lead to more hiring and consumer spending.”
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,291.35 |
|---|---|
| Trade Time: | 4:06PM EST |
| Change: |  2.65 (0.02%) |
| Prev Close: | 12,294.00 |
|---|---|
| Open: | 12,293.47 |
| Day's Range: | 12,269.97 - 12,328.47 |
| 52wk Range: | 10,362.30 - 12,928.50 |
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