The Dow Jones Industrial Average eked out a fourth consecutive record high on Tuesday, while the S&P 500 ended marginally lower after a disappointing profit forecast from Priceline and a drop in financials. Roselle Chen reports.
The Dow hit a fourth consecutive record high on Tuesday. But the S&P 500 ended marginally lower after a disappointing profit forecast from Priceline and a drop in financials. Yvette Butler, president of Capital One Investing. (SOUNDBITE) YVETTE BUTLER, PRESIDENT, CAPITAL ONE INVESTING (ENGLISH) SAYING: "Well, all those stocks are down a little bit today. In general, they've been going up for quite a while. And, what we've been hearing from investors is, how long is this going to last. And it really speaks in our view to confidence." The U.S. two-to-ten-year Treasury yield curve hit its flattest in a decade. The fear of that cutting into bank profits sent shares of Goldman Sachs, JPMorgan and Bank of America down. Priceline and TripAdvisor dropped after both companies gave soft profit forecasts. On the flip side, better-than-expected profit sent Valeant stock surging. After the close, Snap shares plunged. The company reported lower-than-expected daily active users growth. European shares pulled back from two-year highs as heavyweight defensive sectors dropped and some earnings reports disappointed.