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Dow Sinks After Monday Record


The Dow Jones Industrial Average fell Tuesday, pulling back from record-breaking highs reached in the prior session.

The blue-chip index dropped 65.36 points to 37,936.45, pressured by a 6% decline in 3M, which was under pressure on the back of disappointing guidance.

The S&P 500 index gathered 5.82 points to 4,856.25,

The NASDAQ grabbed 28.99 points to 15,389.28.

United Airlines rose more than 6% after reporting strong fourth-quarter results. However, the airline operator said it expects a first-quarter loss from the grounding of Boeing 737 Max 9 airplanes, the model involved in the Alaska Airlines emergency earlier this month.

Shares of other airline operators rose in tandem with United. American Airlines, Southwest Airlines and Alaska Air Group all climbed at least 3%, while Delta Air Lines added more than 2%.

Beyond the air travel sector, D.R. Horton dropped more than 8% after the homebuilder missed Wall Street’s consensus forecast for per-share earnings. Verizon tacked on 4% and Procter & Gamble helped buoy the Dow with gains of more than 5%, as investors bought in following the companies’ financial reports.

But investors are deliberating how long the gains can persist, especially as the rally this year has centered around tech stocks such as Nvidia, while broader participation has continued to disappoint.

Investors will be closely watching a slate of economic reports due out this week, including gross domestic product data on Thursday and the personal consumption expenditures prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.

Prices for the 10-year Treasury flopped, boosting yields to 4.14% from Monday’s 4.10%. Treasury prices and yields move in opposite directions.

Oil prices gave up 16 cents to $74.60 U.S. a barrel.

Gold prices picked up $5.30 to $2,027.60.



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