The S&P 500 took a breather on Tuesday after expectations of a U.S.-China trade ...
- The S&P 500 took a breather on Tuesday after expectations of a U.S.-China trade deal propelled the three main U.S. stock indexes to record highs in the previous session.
The benchmark index and Nasdaq have risen in seven of the past 10 sessions. Losses in the S&P 500 healthcare .SPXHC and real estate .SPLRCR more than offset gains in financials .SPSY. Four of the 11 major S&P 500 sectors were lower. Apart from hopes of a resolution to the trade war, a largely better-than-expected third-quarter earnings season, the Federal Reserve’s interest rate cut and an upbeat October jobs report last week have fueled the recent Wall Street rally.
“The market reacted strongly to the economic news last week, it reached new highs and you run into a little bit of resistance and you get some weakness in healthcare,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.Over three quarters of the S&P 500 companies that have reported results so far have beaten profit expectations, Refinitiv data showed.
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