U.S. stocks closed mixed Tuesday after five days of declines driven by competing concerns over inflation and recession. Long-dated Treasury yields rose to new highs.
The Dow Jones Industrial Average fell 127.77 points, or 0.44%, to 29,133.04. The S&P 500 dropped 8.59 points, or 0.24%, to 3,646.45, its lowest level in nearly two years. The Nasdaq Composite gained 26.58 points, or 0.25, to 10,829.50.
The 10-year Treasury rose nearly 10 basis points to 3.98%, the highest rate in a decade.
The downturn wasn’t as sharp as previous trading sessions, but high interest rates and a strong dollar continued to sew doubt in the market.
The Fed approved a 0.75% interest-rate increase to reduce inflation. Some analysts viewed the third consecutive increase at that rate to be too aggressive.
“We’re still concerned that the Fed is going to overdo it and push the economy into recession,” Art Hogan, chief market strategist at B. Riley Financial Services, told CNBC.
Some of the tech stocks that declined included Google parent Alphabet Inc. (GOOG), which closed at $98.09, down $0.72, or 0.73%. Facebook parent Meta (META) saw its price of shares fall $1.67, or 1.22%, to close at $134.70.