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Dow industrials recede from 26,000 as early gains fade

Traders applaud ahead of the closing bell on

Traders applaud ahead of the closing bell on the floor of the New York Stock Exchange on Nov. 30, 2017. Credit: Getty Images / Drew Angerer

Losses by industrial and technology companies helped pull U.S. stocks lower Tuesday, pulling the market back from its latest record highs.

The slide erased gains from a broad rally earlier in the day that had sent the Dow Jones industrial average past the 26,000-point threshold for the first time.

Energy stocks also fell as crude oil prices declined. Health care stocks were among the gainers as investors sized up the latest company earnings and deal news following a long holiday weekend.

“We’ve come perhaps a little bit too far, too fast,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “If you look at year-to-date performance, you have the broad popular indices up roughly 3 to almost 5 percent in two weeks’ trading.

“That’s a fairly torrid pace and a pace that we think is perhaps a little aggressive, so a little bit of a pause here would perhaps be constructive.”

The Standard & Poor’s 500 index fell 9.82 points, or 0.4 percent, to 2,776.42. The Dow lost 10.33 points, or 0.04 percent, to 25,792.86. It had been up as much as 282 points earlier.

The Nasdaq shed 37.38 points, or 0.5 percent, to 7,223.69.

The Russell 2000 index of smaller-company stocks gave up 19 points, or 1.2 percent, to 1,572.97.

Bond prices rose. The yield on the 10-year Treasury fell to 2.54 percent from 2.55 percent late Friday.

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