Stock-market rally stalls even as Nasdaq closes at record

That, however, didn't stop the tech-heavy Nasdaq Composite from ringing in another closing record. The S&P 500 SPX, -0.78% fell 0.8% to end around 3,207. The Dow Jones Industrial Average DJIA, -1.08% retreated 300 points, or 1.1%, to finish near 27,272, snapping a six-day winning streak. The Nasdaq Composite COMP, +0.29% gained 0.3% to end around 9,954, after briefly touching the 10,000 milestone earlier in the day.

Growing optimism around the reopening of the U.S. economy helped to power the Nasdaq to new heights, even as the upward momentum in other benchmark stock indexes showed signs of flagging. Analysts say the market was due for a rest as investors take stock of a rally that saw the S&PI 500 erase its year-to-date losses on Monday. In company news, Macy's shares were down 7% even as department store retailer's guidance on first-quarter losses stood above expectations.

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