FOX Business: Capitalism Lives Here
U.S. equity markets fell on Tuesday, with two of ten major sectors dipping, as traders digested the finalization of the Volcker rule and a handful of corporate reports.
The Dow Jones Industrial Average (DJI) fell 52.4 points, or 0.33%, to 15973, the S&P 500 (GSPC) dipped 5.8 points, or 0.32%, to 1803 and the Nasdaq Composite (IXIC) slipped 8.3 points, or 0.2%, to 4060.
The S&P has surged 27% this year, as investors have benefited from the Federal Reserve's massive bond-buying program and bottom-line growth in corporate America. The pace on the Street has slowed down this week amid a dearth of economic data. The broad-market average is also trading just beneath record highs.
The materials and consumer discretionary sectors were the only two majors to end in the green. Meanwhile, utility, consumer staple and telecommunication stocks struggled.
There were no major economic reports due out. However, the final Volcker rule was revealed by U.S. regulators who are set to approve it on the day. The rule, which was established in the wake of the 2008 financial crisis, will make it so banks can't trade with their own money and take on other risky behavior.
Fifth & Pacific (FNP) said it would sell its Lucky Brand Jeans business for $225 million. Lululemon Athletica (LULU) said Chip Wilson, its non-executive chairman, will step down. The Treasury Department sold its remaining holdings in General Motors (GM).
In commodities, U.S. crude oil futures jumped $1.21, or 1.2%, to $98.54 a barrel. Wholesale New York Harbor gasoline rose 0.79% to $2.697 a gallon. Gold gained $13.60, or 1.1%, to $1,248 a troy ounce.