Stocks reverse to close with losses after S&P approaches record high

Stocks reversed from early gains to close with losses Tuesday after the S&P 500 neared a new record high.

The S&P 500 closed with a loss of 0.8 percent after rising roughly 0.5 percent earlier in the day. The index closed at 3,333 after coming within nine points of its highest record close at 3,386. 

The Dow Jones Industrial Average closed with a loss of 105 points after gaining more than 300 after the market opened Tuesday, and the Nasdaq composite closed with a loss of 1.7 percent after opening with a loss of 0.6 percent.

Falling shares of Apple, Amazon, Facebook and other big tech names that rallied during lockdowns drove most of Tuesday’s losses, while shares of cruise lines, hotels, airlines and other companies hit hard by the pandemic cut early gains to still finish in the green.

Investors are also closely watching Congress and the White House as Republicans and Democrats struggle to revive failed negotiations over another coronavirus stimulus bill.