Stocks close lower as investors weigh budget, Fed
NEW YORK (MarketWatch) — U.S. stocks took a step back on Tuesday, with the S&P 500 easing from a record close and halting a two-session winning streak. Inspiration for huge moves was lacking, given an absence of major U.S. economic reports on Tuesday. Investors tracked U.S. budget talks and continued to weigh whether a stimulus reduction will come at next week’s Federal Reserve meeting. Mixed economic reports out of China also provided an uncertain backdrop. The S&P 500 (SNC:SPX) fell 5.75 points, or 0.3%, to close at 1,802.62. The Dow Jones Industrial Average (DJI JIA) shed 52.40 points, or 0.3%, to finish at 15,973.13, while the Nasdaq Composite (NASDAQ:COMP) slid 8.26 points, or 0.2%, to 4,060.49, as those two indexes also snapped two-day winning streaks. The Dow closed back under its milestone level of 16,000 after finishing above it on Monday and Friday.