The Nasdaq Set a Record and the Dow Lost 270 Points on the Same Morning
Yahoo Finance ·
The major market indexes displayed their differences on Tuesday morning. The Nasdaq Composite ( ^IXIC +0.32% ) rose 0.3% as of 12:06 p.m. ET. Meanwhile, the Dow Jones Industrial Average ( ^DJI -0.46% ) fell 0.6%. Between these extremes, the S&P 500 ( ^GSPC -0.02% ) essentially stayed flat with a 0.1% drop. The Nasdaq index set a fresh intraday high at 10:35 a.m. ET. The Dow's problem was every financial stock, all at once. JPMorgan Chase ( JPM -3.51% ) fell 3.5% and took out 72 Dow points. Travelers ( TRV -2.46% ) dropped 2.8% for another 62 points, and Visa 's ( V -1.85% ) 2.4% dip accounted for 53 Dow points. Altogether, financial stocks took 286 points off the index. Try as I might, I found no company-specific news to explain any of it. That suggests a gloomy day for macroeconomics, but I'm still looking for evidence of that. Oil prices are down as Iran set up a framework to maybe, perhaps, possibly reopen the Strait of Hormuz within a week. There's also progress on reopening the damaged East-West pipeline in Saudi Arabia. Still, large energy stocks barely moved on the news. I can't point to rising Treasury yields , either. Both long- and short-term bonds saw their yields slide slightly lower today.
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