here’s-what-happened-to-the-stock-market-on-tuesday

Here’s what happened to the stock market on Tuesday

Traders work after the opening bell at the New York Stock Exchange (NYSE) on August 15, 2019 at Wall Street in New York City.

JOHANNES EISELE | AFP | Getty Images

Dow falls 60 points, but S&P 500 hits a record

The Dow slid 60.02 points, or 0.2%, to 28,248.44 as shares of Apple snapped a 5-day winning streak. However, the S&P 500 gained 0.4% to close at 3,443.62. The benchmark hit another record on strength in other tech shares. The Nasdaq Composite advanced 0.8% to 11,466.47, also a record. The Dow fell amid a big shake-up for the average.

Mixed economic data

The U.S. Census reported a 36% surge in sales of newly built homes in July. However, the Conference Board’s consumer confidence index fell for a second straight month. Those mixed data sets come ahead of a key speech from Federal Reserve Chairman Jerome Powell later this week. 

Salesforce, Amgen and Honeywell rise amid Dow shake-up

Salesforce shares rose 4% while Amgen and Honeywell were both up by at least 3% after it was announced the three companies will be added to the Dow later this month. The three stocks they will replace — Exxon Mobil, Pfizer and Raytheon Technologies dropped 3%, 1% and 1.5%, respectively. Apple, meanwhile, dropped 0.8% to snap a five-day winning streak. Shares of Facebook, Amazon and Microsoft were higher.

What happens next?

Data on weekly mortgage applications and durable goods orders are set for release Wednesday. 

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