Nasdaq retreats as technology stocks lose favor

NEW YORK: The Nasdaq closed 1.4per cent lower and the S&P dipped slightly on Tuesday as investors sold off technology stocks that benefited from virus lockdowns, favoring sectors that have suffered most during the pandemic instead on hopes a COVID-19 vaccine will turn the economy around.

The Dow Jones Industrial Average rose 262.95 points, or 0.9per cent, to 29,420.92, the S&P 500 lost 4.97 points, or 0.14per cent, to 3,545.53 and the Nasdaq Composite dropped 159.93 points to 11,553.86. And the S&P's value stock index , which tends to outperform coming out of a recession, gained 1.3per cent on Tuesday compared with a 1.15 decline for the less economically sensitive growth index .

But Leuthold's Paulsen said most market participants have priced in a Biden win and have been largely ignoring the Trump administration's election outcome complaints because they have not produced evidence of problems with votes. A vaccine breakthrough may weaken the case for another large U.S. fiscal stimulus bill, although some investors say that relief is still needed for struggling businesses.

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