The S&P 500 fell for a third straight session on Tuesday even after Congress approved a long-delayed coronavirus relief package.
The Dow Jones Industrials slumbered 200.94 points to finish Tuesday 30,015.51
The S&P 500 dropped 7.66 points to 3,687.26
The NASDAQ gained 65.4 points to 12,807.92, a new record. The tech-heavy index was supported by a 2.9% jump in Apple shares amid investor enthusiasm around its reported foray into self-driving vehicles.
Equity investors could be taking chips off the table after registering solid gains in 2020. With less than two weeks left, the S&P 500 is up more than 14% for the year, while the 30-stock Dow has gained over 5%. The NASDAQ has soared 42.7% this year as traders stuck with their tech darlings during the pandemic.
Congressional leaders attached $900 billion in pandemic aid to a $1.4-trillion measure to fund the government through Sept. 30. President Donald Trump is expected to sign it into law in the coming days, weeks before he will leave office. Treasury Secretary Steven Mnuchin told the media on Monday that Americans could receive their stimulus checks in a matter of days.
The market started the holiday week on a sour note as fears about a new variant of COVID-19 in the U.K. emerged. Many European countries implemented travel restrictions on visitors from the U.K., and New York Gov. Andrew Cuomo called for the United States to take similar steps.
American Airlines dropped 3.9% and United fell 2.5%. Carnival fell nearly 6%, while Royal Caribbean dipped nearly 3%. Norwegian Cruise Line slid 6.9%
However, many experts, including those from the World Health Organization, said that the coronavirus vaccines from Pfizer and Moderna would likely be effective against the new variant and that COVID was mutating at a slower pace than the seasonal flu.
On the data front, the final reading on third-quarter gross domestic product came to a growth of 33.4% on an annualized basis, compared to 33.1% expected.
Prices for the 10-Year Treasury gained some ground, lowering yields to 0.92% from Monday’s 0.93%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.07 to $46.90 U.S. a barrel.
Gold prices fell $17.60 to $1,865.20.