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S&P 500 Pulls Back After 7 Record Highs in a Row

Banks, industrial companies led the slide
By Newser Editors and Wire Services
Posted Jul 6, 2021 3:38 PM CDT

(Newser) – Stocks closed lower Tuesday, with the S&P 500 posting its first decline after seven consecutive gains. Bond prices rose, sending the yield on the 10-year Treasury to its lowest level since February. Oil prices pulled back after jumping overnight when talks among members of the OPEC cartel and allied oil producing countries broke off amid a standoff with the United Arab Emirates over production levels. Tech stocks rose, helping the Nasdaq to a modest gain. The S&P 500 fell 8.80 points, or 0.2%, to 4,343.54. The Dow Jones Industrial Average fell 208.98 points, or 0.6%, to 34,577.37. The Nasdaq rose 24.32 points, or 0.2%, to 14,663.64. Markets were closed on Monday.

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As of Friday, the S&P 500 had closed at a record high for seven consecutive days. The index gained 2.6% during that period and was up nearly 16% for the year. "We had a really strong move coming into this week,” said Mark Hackett, chief of investment research at Nationwide, per the AP. "It’s almost natural to have a pullback when you have that kind of move." The broad slide Tuesday was led by banks and industrial companies. Real estate companies and several big technology stocks were among the few gainers. Amazon jumped 4.7% after the Pentagon said it is canceling a cloud-computing contract with Microsoft that could eventually have been worth $10 billion and will instead pursue a deal with both Microsoft and Amazon. Microsoft shares fell 0.4%

(Read more stock market stories.)

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