Stocks closed mixed Tuesday to kick off August, with only the Dow booking a modest advance among the three major indexes in lackluster trade that followed a blockbuster seven months of equity gains. The Dow Jones Industrial Average DJIA, +0.20% rose about 71 points, or 0.2%, ending near 35,630, according to preliminary FactSet data. That saw the Dow book a third session in a row of gains, while the S&P 500 index SPX, -0.27% shed 0.3% and the Nasdaq Composite Index COMP, -0.43% fell 0.4%.
A strong labor market has been credited with helping keep the U.S. economy out of a recession, which until recent months felt nearly unavoidable as the Federal Reserve continued to quickly jack up rates. On the flip side, strong wage gains continue to fuel consumption by households and have kept upward pressure on prices and the Fed’s short-term rates, which in July touched the highest level in 22 years.
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