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Market close: Gains vanish as Dow and S&P fall again

By Joseph Toppe


Wall Street
Wall Street- photo: Shutterstock

The rebound in early trading vanished as the Dow and S&P notched their fourth consecutive session in the red.

At market close, the Dow Jones Industrial average shed 50.63 points, or 0.1% to end the session at 33,919.84, while the S&P 500 lost around 0.1% to 4,354.13.

Meanwhile, the Nasdaq Composite went up 0.2% to 14,746.40.

Yesterday, the S&P 500 fell 1.7% to post its slowest day since 12 May as the Dow Jones Industrial Average crashed 614 points, or 1.8% to record its biggest one-day drop since 19 July.

The Nasdaq Composite lost 2.2% on Monday.

What’s pushing the market?

The Chinese property market took heavy losses Monday as shares of Evergrande plunged 13% in Hong Kong, helping drag down US and global equities.

Although markets were closed in China Monday for a holiday, the Hang Seng fell more than 3%.

In an interview with, Jennifer James, an investment manager at Janus Henderson Investors, said Evergrande on its own “is unlikely to cause a financial crisis.”


1,958.44 Price
+0.510% 1D Chg, %
Long position overnight fee -0.0185%
Short position overnight fee 0.0103%
Overnight fee time 21:00 (UTC)
Spread 0.30


0.51 Price
-7.490% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.00400

Oil - Crude

73.12 Price
+1.420% 1D Chg, %
Long position overnight fee -0.0149%
Short position overnight fee -0.0070%
Overnight fee time 21:00 (UTC)
Spread 0.03


25,825.75 Price
-5.460% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00

The Federal Reserve will announce its quarterly economic forecasts and a statement on interest rates at 2 p.m. ET Wednesday

Fed officials have already implied the US central bank's $120bn (£87.33bn) spending in monthly bond purchases could be reduced later in 2021, beginning its initial strategy to end policies put in place at the start of the Covid-19 pandemic.

Tuesday’s gains and losses

Shares for Lennar fell 0.6% after reporting sluggish sales from the last quarter due to supply chain obstacles.

Shares for US Bancorp went up 2.6% following the company’s announcement to purchase MUFG for $8bn.

Meanwhile, shares for Uber are up 11%, shares for ConocoPhillips are up over 3%, as shares for Disney sank 3% and shares for Johnson & Johnson rose 0.7%

Yield on the 10-year US Treasury note surged to 1.323% from 1.308% Monday.

Global markets

The pan-continental Stoxx Europe 600 index rose 1%, while China Evergrande shares fell another 0.4%, taking its year-to-date dip to almost 85%.

Read more: US Bancorp buys MUFG Union Bank for bn

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