The Dow Jones Industrial Average gave up gains and finished flat, while tech advanced, led by Tesla .
The Dow finished up 2 points, or 0.01%, to 27,995, the S&P 500 gained 0.52%, rising for a third day, and the Nasdaq was up 1.21%.
Electric-vehicle producer Tesla jumped 7.2% to $449.76. Apple shares gave up gains to finish little changed at $115.54.
Within the Dow, Caterpillar and JPMorgan Chase each finished 3% lower and Travelers gave up 2%.
Stocks on Monday had finished broadly higher after several big corporate deals lifted investor sentiment.
“Wall Street appears to have recovered some of its mojo,” said Mizuho Bank in a report. “The question to ask, though, is whether we are dealing with optimism or there is just optimism about deals.”
Apple’s Time Flies event kicked off Tuesday with the focus on hardware, but not a new iPhone.
The tech giant’s all-virtual showcase, which is open to the public, is expected to precede another iPhone unveiling later in the fall.
The Time Flies event is a reference to the Apple Watch, according to reports. Apple is preparing new low-end and high-end watches, as well as a new iPad Air, all of which will launch this fall.
Nvidia ended up nearly 1% to $519.64, after agreeing to acquire U.K. chip designer Arm Holdings from SoftBank.
Nvidia Share-Price Target at Needham Is Wall Street High
China’s official statistics office said Tuesday that industrial production in the world’s second-largest economy surged 5.6% in August. That’s the strongest reading of the country’s most important sector since the global coronavirus pandemic began there in early January. Retail sales in China in August rose for the first time this year.
Stocks in Shanghai had closed Tuesday with a gain of 0.51%.
The Federal Reserve on Tuesday began a two-day meeting, with a decision on interest rates expected Wednesday afternoon. The central bank is expected to hold rates near zero and affirm its new, more relaxed stance on inflation.
This article was originally published by TheStreet.
Video: Wall Street looks to recover from last week’s slump (CNBC)