Most U.S. stocks fell in a quiet day of trading Tuesday after a tick higher in bond yields tightened the screws a bit on Wall Street. Nearly three out of every four stocks fell within the Standard & Poor's 500. But strength for a handful of highly influential tech stocks nevertheless helped the index hold up overall. It edged higher by 1.32 points, or less than 0.1%, to 5,306.04. The Dow Jones industrial average fell 216.73 points, or 0.6%, to 38,852.86.
It had been lower in the morning but began trimming its losses after a surprising report showed confidence among U.S. consumers is strengthening. Economists had been expecting it to show a drop in confidence. Strong spending by U.S. consumers has been one of the main reasons the economy has managed to defy predictions of a recession, at least so far, but some cracks have begun to show. Lower-income households in particular have begun to buckle under the pressure of still-high inflation.
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