Tuesday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and the Nasdaq Composite all closed in the red on Tuesday, according to CNBC.
- The Dow Jones Industrial Average lost 205.49 points, or 0.77 percent, to close at 26,379.28.
- The S&P 500 fell 0.65 percent to close at 3,218.44.
- The Nasdaq Composite fell 1.27 percent to close at 10,402.09.
Investors are actively watching lawmakers debate a new stimulus package. On Monday, Senate Majority Leader Mitch McConnell revealed the Republican coronavirus relief plan. However, House Speaker Nancy Pelosi was not happy. She believes that Republicans are “not really ready to have a serious negotiation.”
Tech shares slid in the afternoon, giving back gains from earlier in the session. Facebook, Amazon, Netflix, and Apple all fell at least 1.4 percent. Shares of companies that would benefit from the economy reopening posted significant gains. Carnival Cruise Lines and Norwegian Cruise Line gained 4.22 percent and 6.28 percent, respectively.
Tomorrow, the Federal Reserve is set to release its latest decision on monetary policy.