Stocks opened broadly lower on Wall Street on Tuesday as a rally that drove the market higher over the past three weeks lost steam, per the AP. The Dow fell about 300 points, the S&P 500 fell 30, and the Nasdaq dropped 24 points in the first half-hour of trading. Banks, industrial, and energy stocks led the declines, sectors that had been doing the best in recent days and would be among the ones that would stand to benefit most from a recovery. A day earlier, the S&P 500 turned positive for the year and the Nasdaq hit a record.
It's the first time in seven days the Dow has fallen, notes CNBC. Earlier, world markets dropped as investors appeared to become more cautious. Benchmarks fell in Paris, London, and Tokyo on Tuesday. Analysts say the recent rally may be overdone given uncertainties over the pandemic and economic recoveries. On the horizon: Traders are awaiting a meeting of the US central bank this week that might signal future policy.
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