Tech Stocks Rebound as Wider Market Drops

S&P 500 failed to equal year's longest winning streak
By Newser Editors and Wire Services
Posted Mar 16, 2021 4:21 PM CDT
Tech Stocks Rebound as Wider Market Drops
In this photo provided by the New York Stock Exchange, Craig Spector, right, works with fellow traders on the floor, Tuesday, March 16, 2021.   (Colin Ziemer/New York Stock Exchange via AP)

Wall Street capped a choppy day of trading Tuesday with stock indexes closing mostly lower after coming within striking distance of matching the market's longest winning streak of the year. The S&P 500 fell 0.2% after wobbling between small gains and losses most of the day. The modest pullback snapped the benchmark index's five-day winning streak. Losses by banks, industrial stocks, and companies that rely on consumer spending, including cruise line operators, pulled the market lower, outweighing gains by Big Tech and communication services stocks, the AP reports. The S&P 500 dropped 6.23 points to 3,962.71. The Dow Jones Industrial Average lost 127.51 points, or 0.4%, to 32,825.95. The Nasdaq bucked the trend, benefiting from the rally in technology stocks. The tech-heavy index gained 11.86 points, or 0.1%, to 13,471.57.

Energy stocks, the S&P 500's biggest gainers so far this year, took the brunt of the losses as crude oil prices fell. Stocks' uneven finish came as investors continue to closely watch the bond market, with even minute changes in bond yields causing stocks to fluctuate. The big technology names that rose sharply in 2020 were once again on the rise. Apple was up 1.5%, Google's parent company was up 1.7%, and Facebook rose 2.6%. Tech stocks have moved in tandem with the bond market, so as bond yields ticked lower on Tuesday, it moved technology stocks in the opposite direction.

(Read more stock market stories.)

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