The US markets ended mostly lower on Tuesday as traders continued to cycle out of tech stocks that benefited from the coronavirus pandemic and into cyclical stocks that struggled. Stocks that benefited from the coronavirus-induced lockdowns such as Zoom, Amazon and Shopify saw further downside after falling sharply on Monday. There could be more pain between now and then, as coronavirus cases in the US continue to spike and have now topped 10 million. Even the most optimistic projections suggest it will take months to distribute a vaccine, suggesting yesterday's spike to record highs may have been overdone.
However, Dow Jones Industrial Average benefited from an advance by shares of Boeing, which spiked by 5.2 percent after a Private report said the FAA is set to lift its grounding order on the aerospace giant's 737 MAX as early as next week. Traders also kept an eye on the latest developments in Washington, as President Donald Trump continues to refuse to concede to Joe Biden. Meanwhile, the Supreme Court also attracted attention, as Justices heard arguments in case about Obamacare that could lead to the entire healthcare reform law being struck down.
Nasdaq dropped 159.93 points or 1.37 percent to 11,553.86 and S&P 500 was down by 4.97 points or 0.14 percent 3,545.53, while Dow Jones Industrial Average rose 262.95 points or 0.9 percent to 29,420.92.
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