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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Toll Brothers Inc | NYSE:TOL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.39 | 1.97% | 123.63 | 128.75 | 123.62 | 125.00 | 1,116,164 | 01:00:00 |
By Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks took a small step back on Tuesday, with the S&P 500 easing from a record close and on pace to end a two-session winning streak.
Inspiration for huge moves was lacking, given an absence of major U.S. economic reports on Tuesday. Investors tracked U.S. budget talks and continued to weigh whether a stimulus reduction will come at next week's Federal Reserve meeting. Mixed economic reports out of China also provided an uncertain backdrop.
The S&P 500(SPX) was last down 3 points, or 0.2%, to 1,805 after briefly turning positive, while the Dow Jones Industrial Average (DJI) slipped 30 points, or 0.2%, to 15,995.
The Nasdaq Composite (RIXF) shed 2 points, or 0.1%, to 4,067 after also trading in positive territory.
Bruce Bittles, chief investment strategist at Robert W. Baird & Co., said tax-related selling could weigh on the market in early December, before stocks experience their usual late-December rally.
Bittles also said Tuesday that he doesn't expect a tapering in the central bank's bond-buying program will come next week. He suggested tapering news "may still keep the market on edge" -- but perhaps shouldn't.
"How many times can you discount the same news?" Bittles told MarketWatch. "I think it's already built into the market."
Mark Luschini, chief investment strategist at Janney Montgomery Scott, said investors are most focused on two items: an emerging Washington budget deal, which faces a Dec. 13 deadline, and the Fed policy-setting meeting on Dec. 17-18. The market has grown more accustomed to taper news, but there will still be some near-term repercussions, he told MarketWatch.
"There is still an element of sensitivity to it," Luschini said on Tuesday.
On Monday, the S&P 500 nudged higher to a record close as Fed taper talk appeared to leave investors largely unfazed. Follow MarketWatch's live blog of Tuesday's stock-market action.
* The buzz: Muted action might be all that we get this month as the holiday season looms. "The market malaise will probably linger through the rest of the month, with the possible exception of next week's Federal Reserve meeting," wrote MarketWatch's Shawn Langlois in the latest Need To Know column.
* Today's movers & shakers: Lululemon Athletica Inc. lost 0.4% after the athletic clothing retailer named a new CEO and said founder Chip Wilson will resign as chairman. Toll Brothers Inc. was little changed after paring gains that came following the home builder's better-than-expected quarterly earnings. Read more in the Movers & Shakers column.
* Today's economic news: The National Federation of Independent Business said its small-business optimism index rose 0.9 points to 92.5 in November. Separately, the Labor Department said job openings at U.S. workplaces rose to 3.93 million in October . None of Tuesday's economic headlines are expected to be as significant as Friday's upbeat jobs report or next week's Fed meeting, where the central bank may decide to reduce its bond-buying program that has boosted equities.
* Other markets: Asian stocks closed lower after China reported a slowdown in industrial production, though retail sales came in higher than forecast. European equities ended lower. Gold was sharply higher, while oil prices gained.The dollar was slightly lower against other major currencies.
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