NEW YORK (Reuters) – The Dow and S&P 500 fell on Tuesday as investors took profits in some of the groups tied most closely to economic growth, while the Nasdaq edged higher to another closing record.<\/p>\n
Bank stocks fell as U.S. Treasuries rallied, with the 10-year yield hitting its lowest level since Feb. 24. [US\/]<\/p>\n
The Dow led the day\u2019s declines, while financials pressured the S&P 500 along with energy shares.<\/p>\n
At the same time, a regulatory crackdown by Beijing drove a selloff in shares of several U.S.-listed Chinese firms, including Didi Global Inc.<\/p>\n
Alan Lancz, president of Alan B. Lancz & Associates Inc., an investment advisory firm based in Toledo, Ohio, said investors may be taking profits after a strong end of the quarter and string of recent records.<\/p>\n
\u201cIt was such a good quarter end,\u201d he said. Now, \u201ccyclicals are really getting hit.\u201d<\/p>\n
With Treasury yields down, \u201cinvestors may be worried the economy might not be a good as the stock market was showing,\u201d he said.<\/p>\n
Last week, all three indexes posted their fifth consecutive quarterly gains. They scaled new highs on Friday.<\/p>\n
The S&P 500 growth index also hit a record high on Tuesday, while the S&P 500 value index was down.<\/p>\n
Unofficially, the Dow Jones Industrial Average fell 204.9 points, or 0.59%, to 34,581.45, the S&P 500 lost 8.74 points, or 0.20%, to 4,343.6 and the Nasdaq Composite added 24.32 points, or 0.17%, to 14,663.64.Data showed U.S. services industry activity grew at a moderate pace in June, likely restrained by labor and raw material shortages.<\/p>\n
The CBOE Volatility index rose.<\/p>\n
Didi Global shares fell after Chinese regulators ordered over the weekend the company\u2019s app be taken down days after its $4.4 billion listing on the New York Stock Exchange.<\/p>\n
Other U.S.-listed Chinese e-commerce firms, including Alibaba Group also fell.<\/p>\n
(Graphic: Nasdaq record vs yields, )<\/p>\n