U.S. stocks wiped out Tuesday’s earlier gains and finished the session lower as the S&P 500 erased gains and the market struggled for a direction.
Yun Li and Maggie Fitzgerald for CNBC:
The S&P 500 dipped 0.2% to 4,188.13, dragged down by the energy sector. The tech-heavy Nasdaq Composite ended the day flat at 13,657.17. The Dow Jones Industrial Average fell 81.52 points, or 0.2%, to 34,311.46 after rising more than 100 points at its session high.
Big Tech shares Apple and Netflix both erased an earlier advance and dipped into negative territory. Amazon shares came under pressure after Washington, D.C., Attorney General Karl Racine said he’s suing the ecommerce giant on antitrust grounds. He alleged Amazon’s practices have unfairly raised prices for consumers and suppressed innovation. But shares eventually rose 0.4% on the day.
“The market is basically in a holding pattern until the next big event, which is the Fed’s tapering schedule (or not tapering schedule),” Tom Essaye, founder of Sevens Report, said in a note. “Until we have more clarity on Fed tapering and the longer-term outlook for inflation, we should expect this type of incremental volatility.”
MacDailyNews Take: Ahh, the rollercoaster that never stops (until you sell)!
