The US markets ended mostly lower on Tuesday as traders seemed to be taking a breather following the advance seen in recent days, which drove all of the major averages to new record closing highs on Monday. Profit taking contributed to some initial weakness on markets, although selling pressure was relatively subdued as traders worry about missing out on further upside. Optimism about more fiscal stimulus also helped support the markets along with the recent slowdown in coronavirus infection rates. House Democrats have unveiled a proposal providing $1,400 stimulus checks to individuals making up to $75,000 a year and couples who earn up to $150,000 a year.
Those income levels are unchanged from previous stimulus checks, although the proposal would phase out payments faster than previous bills and completely cut off individuals making more than $100,000 and couples making more than $200,000. Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets. Energy stocks saw considerable weakness, however, with traders cashing in on recent gains even as the price of crude oil once again rose to its highest closing level in over a year. Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index slumped by 1.9 percent and the NYSE Arca Oil Index slid by 1.4 percent.
Dow Jones Industrial Average fell 9.93 points or 0.03 percent to 31,375.83 and S&P 500 was down by 4.36 points or 0.11 percent to 3,911.23, Nasdaq gained 20.06 points or 0.14 percent to 14,007.7.
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