NEW YORK (AP) — Worries about the worsening pandemic pushed Wall Street to tap the brakes Tuesday on its big November rally, which had vaulted stocks back to record heights.
Treasury yields also dipped after a report showed U.S. shoppers spent less at retailers last month than economists expected. The numbers underscore how the coronavirus pandemic is worsening and threatens to drag the economy lower, at least in the near term.
Stocks that stormed higher this month on hopes a vaccine or two may get the global economy back to normal next year receded amid the worries.
The S&P 500 fell 17.38 points, or 0.5 percent, from its record to close at 3,609.53. It was the first loss for the index in three days.
The Dow Jones Industrial Average also fell from a record, down 167.09, or 0.6 percent, to 29,783.35. The Nasdaq composite slipped 24.79, or 0.2 percent, to 11,899.34.