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Market Recap: After Hitting High Point, S&P Ends Sour


Markets closed down today:

▼ Dow: -0.51 percent

▼ Nasdaq: -0.29 percent

▼ S&P: -0.35 percent

Precious metals:

▲ Gold: up +1.00 percent to $1,637.05 an ounce

▲ Silver: up +1.50 percent to settle at $29.25


▲ Oil: +0.42 percent

The Standard & Poor's 500 index touched its highest point in more than four years Tuesday, helped by more talk that the European Central Bank may buy struggling countries' bonds. But a morning rally faded, and stocks ended lower.

The S&P 500 lost 4.96 points to close at 1,413.17, with bank stocks the only group to record a gain. Earlier in the day, the S&P climbed to 1,426, its highest since May 19, 2008.

In other trading, the Dow Jones industrial average fell 68.06 points to 13,203.58, and the Nasdaq composite index lost 8.95 points to 3,067.26. Crude oil hit its highest price in three months, rising $1.32 to $97.58.

Facebook's stock lost 85 cents to $19.16 after one of its earliest backers, venture capitalist Peter Thiel, sold the bulk of his stake in the social network. Last week was the first time some insiders could sell their shares. Facebook went public in May at twice the current price, $38.

Major European markets edged up amid hints of progress in calming the debt crisis there. Spain managed to raise $5.4 billion from bond investors at sharply lower interest rates than at the last auction.

Germany's DAX gained 0.8 percent, and France's CAC-40 rose 0.9 percent.

Markets have been calm this month. Monday was one of the quietest days of the year, with 2.7 billion shares traded on the New York Stock Exchange. Tuesday was heavier, 3.2 billion shares, but still below this year's average of 3.8 billion.

The Associated Press contributed to this report.

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