Wall Street Closes Lower as Trading Resumes After Holiday Weekend

In a lackluster return to trading following a three-day holiday weekend, Wall Street closed lower.

S&P 500 Remains Near All-Time High

The S&P 500 fell 0.4 percent on Tuesday, but it is still within a good day of its all-time high set two years ago. The Dow lost 0.6 percent, and the Nasdaq composite slipped 0.2 percent.

Morgan Stanley and Spirit Airlines Face Setbacks

Morgan Stanley’s pretax earnings took a hit of over half a billion dollars due to a legal matter and a special assessment. Meanwhile, Spirit Airlines saw its value nearly halved after a federal judge blocked its takeover by JetBlue. The bond market’s rise in Treasury yields added further pressure to the stock market.

Market Performance on Tuesday

• The S&P 500 fell 17.85 points, or 0.4 percent, to 4,765.98.
• The Dow Jones Industrial Average fell 231.86 points, or 0.6 percent, to 37,361.12.
• The Nasdaq composite fell 28.41 points, or 0.2 percent, to 14,944.35.
• The Russell 2000 index of smaller companies fell 23.66 points, or 1.2 percent, to 1,927.30.

Year-to-Date Performance

• The S&P 500 is down 3.85 points, or 0.1 percent.
• The Dow is down 328.42 points, or 0.9 percent.
• The Nasdaq is down 67 points, or 0.4 percent.
• The Russell 2000 is down 99.77 points, or 4.9 percent.

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